LUKoil Predicts Return of Oil Prices to $100 per Barrel by 2016

© Flickr / Neal WellonsOil Pump Jack
Oil Pump Jack - Sputnik International
The vice president of Russian oil giant LUKoil, Leonid Fedun, said that oil prices will increase up to $100 per barrel by the end of 2015.

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MOSCOW (Sputnik) – Oil prices should return to $100 per barrel by the end of 2015, a vice president of Russian oil giant LUKoil, Leonid Fedun, said Tuesday during a telephone conference with investors.

“It wouldn’t be a surprise for me if I were to see oil prices up to $100 per barrel, for example,” Fedun said.

Since June 2014, global oil prices have dropped by about 50 percent due to market oversupply and large stockpiles of crude oil.

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In November, the Organization of Petroleum Exporting Countries (OPEC) decided not to cut oil output levels, contributing to a further slump in prices.

The West Texas intermediate oil price, which stood at around $100 per barrel in June, is currently hovering around $50 per barrel.

LUKoil is Russia's second largest oil company, accounting for 2.1 percent of the world's crude oil production. It is the world's largest privately owned oil and gas company, measured by proven oil reserves.

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