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$100 oil is ‘fairly doable,’ Russia’s Putin says

Russian President Vladimir Putin stated Wednesday that oil costs might nicely attain $100 per barrel as demand for all vitality commodities grows.

Power costs have soared throughout the board as economies reopen after months of Covid pandemic-induced lockdowns and provide stays tight. West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel final week for the primary time since November 2014.

However Putin, chief of one of many world’s greatest oil-producing nations, believes it may well go even larger. When requested if WTI might attain $100 per barrel, he stated, “That’s fairly doable.”

Chatting with CNBC’s Hadley Gamble at an occasion in Moscow, Putin, nonetheless, stated that Russia and different oil-producing international locations are doing their utmost to deliver some stabilization to the market.

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“Russia and our companions and OPEC+ group, I’d say we’re doing the whole lot doable to verify the oil market stabilizes. We try to not permit any shock peaks in costs. We definitely don’t need to have that — it’s not in our pursuits,” he stated, in accordance with a translation.

Earlier this month, OPEC and allied nonmember nations, often known as OPEC+, determined to maintain their stance by not stepping up manufacturing, regardless of stress from different nations. The OPEC+ group is assembly commonly to debate its insurance policies amid a unstable vitality market.

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