"If 2.5 million barrels a day, or 125 million tons a year, is taken off the market, the [crude] price could rise to $60-80," Leonid Fedun said.
The Organization of Petroleum Exporting Countries (OPEC) is set to hold an extraordinary meeting in Algeria on December 17 to decide on further oil output cuts amid the global financial crisis and declining oil prices.
Fedun said OPEC was expected to agree drastic oil output cuts, a decision that would be joined by Russia.
"We expect a decision will be made to cut output considerably and the Russian Federation will announce its decision to support these measures," he said, noting that Russia and OPEC together account for more than half of global oil production.
World oil prices have fallen more than 60% from a record high of $147 per barrel in July to under $50, as the global credit crunch has reduced the demand for fuel.
LUKoil believes that an oil price of under $75 per barrel is economically unjustified and the currently low world oil prices are halting projects to create alternative energy sources and develop heavy oil fields, Fedun said.
