Billionaire oilman Harold Hamm hikes year-end crude forecast by 20%

American oil billionaire Harold Hamm said Thursday he's increasing his 2016 forecast for U.S. crude by up to 20 percent.

The founder and chief of Oklahoma-based Continental Resources previously thought $60 per barrel was the magic number, but now he tells CNBC's "Squawk Box" that $69 to $72 per barrel by the end of the year looks more likely.

Hamm said OPEC is losing its influence on world oil markets, calling the cartel "NO-PEC."

"Basically, it comes back to supply and demand," he said, adding that greater-than-expected declines in production were starting to put a dent in oversupply.

Since the Feb. 11 bottom, West Texas Intermediate crude, the U.S. benchmark, has increased more than 80 percent to around $51 per barrel.

But crude is still off about 50 percent when measured against the June 2014 highs of around $114.

Sign Up for Our Newsletter Morning Squawk

CNBC's before the bell news roundup
Get this delivered to your inbox, and more info about about our products and service.Privacy Policy.