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HomeWorld$100 oil is 'quite possible,' Russia's Putin says

$100 oil is ‘quite possible,’ Russia’s Putin says

Russian President Vladimir Putin attends a session of the board of trustees of the Russian Geographical Modern society via a video clip conference call in Moscow, Russia April 14, 2021.

Alexei Druzhinin | Reuters

Russian President Vladimir Putin explained Wednesday that oil costs could properly get to $100 for every barrel as demand from customers for all power commodities grows.

Vitality rates have soared across the board as economies reopen soon after months of pandemic-induced lockdowns and offer remains restricted. West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel last week for the initial time since Nov. 2014.

But Putin, leader of 1 of the world’s most important oil-producing nations, believes it can go even better. When questioned if WTI could arrive at $100 for each barrel, he explained: “That is rather attainable.”

Talking to CNBC’s Hadley Gamble at an celebration in Moscow, Putin, however, claimed that Russia and other oil-producing nations are executing their utmost to carry some stabilization to the industry.

“Russia and our companions and OPEC + group, I would say we are executing almost everything doable to make sure the oil market place stabilizes. We are making an attempt not to let any shock peaks in selling prices. We definitely do not want to have that — it is not in our passions,” he stated, in accordance to a translation.

Previously this thirty day period, OPEC + resolved to continue to keep its stance by not stepping up manufacturing, even with tension from other nations. The group is meeting consistently to go over its procedures amid a volatile electrical power market.

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