Lukoil President Sees 2012 Oil at $120 a Barrel, Vedomosti Says

Russian billionaire Vagit Alekperov, head of the country’s No. 2 oil producer OAO Lukoil, expects crude prices to average about $115 a barrel next year, Vedomosti newspaper reported, citing an interview.

Lukoil based its 2012 budget on $96 a barrel, though prices will more likely average $110 to $120, Alekperov was cited as saying in an interview.

Alekperov, 61, said he’s “grooming” a successor and plans to pick one of five to seven Lukoil executives on his shortlist, Vedomosti said. Alekperov said his son Yusuf is due to graduate from an oil institute next year and may work for the company in Siberia to gain experience in the field.

To contact the reporter on this story: Ilya Khrennikov in Moscow at

To contact the editor responsible for this story: Brad Cook at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.