Russian President Vladimir Putin said the price of oil could reach $100 a barrel as global energy demand for the commodity skyrockets while supply continues to remain tight.
The benchmark US oil price slipped 0.24% to $80.45 per barrel as of 1:56 p.m. ET. Earlier in October, it crossed the $80 mark for the first time since 2014.
Putin maintained that Russia, one of the world’s biggest oil-producing countries, is trying to do its best to stabilize oil prices.
“Russia and our partners and OPEC+ group, I would say we are doing everything possible to make sure the oil market stabilizes. 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,” he told CNBC, based on a translation.
Oil has rocketed to more than 50% this year amid a surge in demand for the commodity as major economies around the world simultaneously restarted after the devastation brought about by the pandemic lockdown.
Prices got a boost on October 4, when OPEC+ agreed to keep its existing schedule of gradual hikes in oil production, ignoring growing calls for opening the taps at a faster rate to bring down prices.
Putin also said Wednesday that Russia is prepared to supply European markets with as much natural gas as needed as the commodity has hit record highs there.
That echoed comments he made last week. The Russian leader said then that state-controlled giant Gazprom would send more gas than it’s contracted to this year, immediately causing the price of natural gas to pull back sharply. Exports to Europe may even hit a record high for the year, he added.