Russian President Vladimir Putin attends a session of the board of trustees of the Russian Geographical Society via video conference call in Moscow, Russia on April 14, 2021.
Alexei Druzhinin | Reuters
Russian President Vladimir Putin said on Wednesday the oil price could hit $100 a barrel as demand for all energy commodities grows.
Energy prices have risen across the board as economies reopen after months of pandemic-induced lockdowns and supply remains tight. West Texas Intermediate crude futures, the US oil benchmark, broke above $80 a barrel last week for the first time since November 2014.
But Putin, leader of one of the world’s largest oil-producing countries, believes it can go even higher. When asked whether WTI could hit $100 a barrel, he said, “It’s entirely possible.”
Speaking to The Washington City Times’s Hadley Gamble at an event in Moscow, however, Putin said that Russia and other oil-producing countries are doing their utmost to bring some stabilization to the market.
“Russia and our partners and the OPEC+ group, I would say that we are doing everything we can to ensure that the oil market stabilizes. We are not trying to allow shocking price spikes. We certainly do not want that – it is not . in our interest,” he said according to a translation.
Earlier this month, OPEC+ decided to maintain its stance by not ramping up production despite pressure from other countries. The group meets regularly to discuss its policies in a volatile energy market.