Russian President Vladimir Putin said Wednesday that oil prices could well reach $100 per barrel as demand for energy commodities continues to grow.
Energy prices have soared across the board as economies reopen after months of pandemic lockdowns and supply of commodities remains tight. West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel for the first time since November 2014 last week.
But Putin, leader of one of the world’s biggest oil-producing nations, believes it can go even higher. When asked if WTI could reach $100 per barrel, he said, “That is quite possible.”
Nevertheless, speaking to CNBC at an event in Moscow, 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 OPEC+ group, I would say we are doing everything possible to make sure the oil market stabilizes,” Putin stressed. “We are trying not to allow any shock peaks in prices. We certainly do not want to have that — it is not in our interests.”