100 barrels are “quite possible”

Russian President Vladimir Putin attends a meeting of the Board of Trustees of the Russian Geographical Society via video conference in Moscow, Russia, Jan.

Alexei Druzhinin | Reuters

Russian President Vladimir Putin said on Wednesday that the price of oil could well reach $ 100 a barrel with increasing demand for all energy resources.

Energy prices have risen across the board as economies reopen after months of pandemic lockdowns and supply remains tight. West Texas Intermediate Crude Oil Futures, the US oil benchmark, exceeded $ 80 a barrel last week for the first time since November 2014.

But Putin, leader of one of the largest oil producing nations in the world, believes it can go higher. When asked if WTI could hit $ 100 a barrel, he said, “It is entirely possible.”

However, speaking to CNBC’s Hadley Gamble at an event in Moscow, Putin said Russia and other oil-producing countries are doing their best to stabilize the market.

“Russia and our partners and the OPEC + group, I would say we are doing everything we can to ensure that the oil market stabilizes. We are trying not to allow price shocks. We definitely do not want that – it is not.” in our interest, “he said, according to a translation.

Earlier this month, OPEC + decided to hold on to its stance by not increasing production despite pressure from other nations. The group meets regularly to discuss its policies amid a volatile energy market.

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