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$ 100 a barrel is “quite possible”

Russian President Vladimir Putin said on Wednesday that oil prices could well reach $ 100 a barrel as demand for all energy products increases.

Energy prices have skyrocketed across the board as economies reopen after months of shutdowns induced by the Covid pandemic and supply remains tight. West Texas Intermediate crude futures, the benchmark U.S. oil index, crossed $ 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 he can go even higher. When asked if WTI could hit $ 100 a barrel, he said, “It’s totally possible.

Speaking to CNBC’s Hadley Gamble at an event in Moscow, Putin said, however, that Russia and other oil-producing countries are doing everything possible to stabilize the market.

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“Russia and our partners and the OPEC + group, I would say that we are doing everything we can to stabilize the oil market. We try not to allow price spikes. our interests, “he said, according to one translation.

Earlier this month, OPEC and allied non-member countries, known as OPEC +, decided to maintain their position by not increasing production, despite pressure from other countries. The OPEC + group meets regularly to discuss its policies in a volatile energy market.