Price of crude oil may ‘quite possibly’ rise to $100 per barrel, regardless of efforts of Russia & OPEC to stabilize market – Putin

Russia and its OPEC companions are working arduous to maintain the oil market secure, however it’s fully doable that the worth of crude may rise to $100 per barrel, President Vladimir Putin advised a Moscow power convention on Wednesday.

Answering a query from a moderator on the annual Russian Energy Week, held near Red Square, Putin mentioned it was “quite possible” {that a} barrel may price a triple-digit sum.

“It is currently rising in price,” he defined. “Russia and our OPEC+ partners are doing everything possible to make the oil market finally stabilize. We are not allowing price hikes. This is not in our interests.”

Higher costs encourage additional shale oil manufacturing within the US, that means that Russia prefers a decrease, secure worth. As issues stand, the worth of Brent crude at present sits at $82-83 per barrel.

The president additionally known as for actions within the power market to be “smooth and balanced,” and defined that Russia is in full compliance with its agreed limits. However, he was additionally cautious to level out that his nation has huge power sources.

Also on Soaring gasoline costs in Western Europe all the way down to mistaken reliance on wind farms, Russia on monitor for file exports in 2021 – Putin

“If you look globally, Russia’s reserves are unlimited,” he mentioned. “And we are increasing supplies to Europe even in today’s difficult conditions for ourselves.”

Earlier within the day, Putin additionally addressed the state of affairs with the nation’s gasoline trade and, specifically, the surge in worth seen in Europe as an entire. According to the president, the price has risen as a result of a fall in output from wind farms, inflicting electrical energy costs to shoot up. This has had a knock-on impact on demand for gasoline.

Putin’s assertion comes after some politicians in Europe accused Russia of limiting its provide of gasoline to the remainder of the continent, with the suggestion that Moscow is in search of to bump up the worth.

On the opposite, Russia may effectively see file ranges of exports in 2021, Putin defined.

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