"We expect prices to stabilize at $120 to $130/barrel. Analysts put the price at between $50 to $250/b, we believe the fair price is $130/b."
Speaking to reporters at an investment forum in Moscow, Sergei Kukura, Lukoil's first vice president said he expected oil prices to remain at around current high levels.
"The increasing depreciation of the value of the dollar has overshadowed all economic activities and has inflicted a great loss on many countries. The consumption of oil is less than the growth in production and the market is full of oil. But prices have had a progressional upward trend and this is imposing an artificial situation."
Iranian President Mahmoud Ahmadinejad said Tuesday that the oil market was well-supplied with more supply than demand and blamed the weak US dollar for what he said was an "artificial oil price," state television reported on its web site.
Updated: June 17, 2008
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