The chief executive officer for the natural gas company said the growing cost of oil worldwide would likely push the cost of natural gas up dramatically in Europe, ITAR-TASS reported Friday.

"We forecast for the end of the year that the Russian gas will be sold to Europe at over $500," Chief Executive Officer Alexei Miller said Thursday.

Miller also warned that if the cost of oil increased to $250 a barrel, the cost of natural gas would also rise to $1,000 for 35.3 cubic feet.