Lukoil says Russia should exit OPEC deal if oil stays at $70

The head of Russian oil company Lukoil said that Russia should withdraw from the OPEC/non-OPEC production cuts if oil prices stay at $70 per barrel for six months.

Russia’s participation is crucial to the cohesion of the group, and the comments are the first in what will likely be a lot more rumors about the compliance to the production cuts, particularly if oil prices remain elevated.