Russia's LUKoil Chief Predicts $25 Oil before April

The head of LUKoil, Russia's biggest private oil company, said Friday that the price of crude could dive to $25 per barrel — half it's current value and less than a quarter of the price last summer.

His prediction came amid a chorus of similar warnings. The International Energy Agency on Friday said oil would continue to fall, and a day earlier Bank of America Merrill Lynch predicted that the price of global benchmark Brent would slide to $31 per barrel before April.

Speaking at an economic forum in Moscow, LUKoil CEO Vagit Alekperov said that although crude oil prices could hit $25, they would not stay so low for long, news agency TASS reported. Brent could recover to $70-80 by the end of the 2015, he said, predicting a period of volatile prices.




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