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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.

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