LUKoil Head Expects Oil Prices to Resume Growth in Second Half of 2016

© AFP 2022 / NIKOLAY DOYCHINOVPeople walks in front of the Lukoil Neftochim Headquarters in Sofia on July 27, 2011
People walks in front of the Lukoil Neftochim Headquarters in Sofia on July 27, 2011 - Sputnik International
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The president of LUKoil, one of the largest oil companies in the world, believes that oil prices will resume growth in the second half of the year.

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DAVOS (Sputnik) — Oil prices will resume growth in the second half of 2016, Vagit Alekperov, the president of Russia's second largest oil company LUKoil, said Thursday.

"The trend of the oil price growth remains feasible in the second half of the year," Alekperov told reporters on the sidelines of the annual World Economic Forum in the Swiss town of Davos.

Market prices for benchmark Brent and WTI crude dropped to a twelve-year low in mid-January, sliding below the historic level of $30 a barrel due to an oversupply on the global market.

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