LUKoil expects Russian oil shortage in Europe

He added that the construction works on Eastern Siberia-the Pacific oil pipeline will bring about restructuring of exports and distribution. He expects that oil prices will remain high for the medium term which will harm the European consumers, APA reports.

LUKoil President noted the OPEC nations set their average budget (basket) at $40 while Saudi chose $50 per barrel as the nadir. So, it is predictable that OPEC members will take some measures in case that price can rebound to under-$50 level.