Russian President Vladimir Putin attends a consultation of the board of trustees of the Russian Geographical Society by way of a video convention name in Moscow, Russia April 14, 2021.
Alexei Druzhinin | Reuters
Russian President Vladimir Putin mentioned Wednesday that oil costs may just smartly achieve $100 according to barrel as call for for all power commodities grows.
Power costs have soared around the board as economies reopen after months of pandemic-induced lockdowns and provide stays tight. West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 according to barrel closing week for the primary time since Nov. 2014.
However Putin, chief of one of the vital international’s greatest oil-producing international locations, believes it might probably pass even upper. When requested if WTI may just achieve $100 according to barrel, he mentioned: “This is slightly imaginable.”
Chatting with CNBC’s Hadley Gamble at an match in Moscow, Putin, alternatively, mentioned that Russia and different oil-producing international locations are doing their utmost to carry some stabilization to the marketplace.
“Russia and our companions and OPEC + team, I’d say we’re doing the whole lot imaginable to ensure the oil marketplace stabilizes. We are attempting to not permit any surprise peaks in costs. We indisputably don’t need to have that — it’s not in our pursuits,” he mentioned, consistent with a translation.
Previous this month, OPEC + determined to stay its stance by way of now not stepping up manufacturing, in spite of power from different international locations. The crowd is assembly often to talk about its insurance policies amid a unstable power marketplace.