While the long-awaited Doha meeting disappointed energy investors who expected an output freeze deal, shale industry pioneer Harold Hamm, who didn't "have a whole lot of hope" in the Sunday meeting, told CNBC that the crude glut will be balanced the second half of this year.
The founder and CEO of Continental Resources, who previously told CNBC that "the fundamentals of supply and demand were really close," reiterated during a "Power Lunch" interview on Monday that this year's third-quarter will absorb most of the excess oil supply, which in turn will lead to "stronger pricing."
The billionaire suggested that oil is past an inflection point and prices have surged 50 percent from previous lows. Hamm foresees crude prices soaring to $60 a barrel by the end of the year, as lower oil prices are unsustainable. He contends, however, that even when the oil "overhang goes away," ramping up production will take U.S. producers a long time, as rig counts are at an all-time low.
He added that U.S. rig counts "are down 77 percent."