CNBC reports that Russian President Vladimir Putin stated Wednesday that oil prices could reach $100 per barrel if there is increased demand for all energy commodities, CNBC reports.
As economies reopen following months of prolonged pandemic-induced lockdowns, energy prices have shot up across the board. However, supply remains tight and prices for energy continue to rise. West Texas Intermediate crude oil futures crossed $80 per barrel last week, marking the highest price since Nov. 2014.
Putin, the leader of one of world’s largest oil-producing countries, believes that it can go higher. Putin said that WTI could rise to $100 per barrel if he was asked.
Putin spoke to CNBC and stated that Russia and other oil-producing nations are trying to stabilize the market.
“Russia, our partners and OPEC + group I believe we are doing all that is possible to stabilize the oil market. We do not want to see any price shocks. According to a translation, he stated that he did not want this — it was not in his best interests.”
Despite pressure from other countries, OPEC + decided earlier this month to maintain its stance and not increase production. The group meets regularly to discuss its policy in an unstable energy market.
BBC reports that Russia denies using energy as a political weapon amid rising prices across Europe, which have seen gas bills in many homes skyrocketing.
These claims were dismissed by President Vladimir Putin as “complete rubbish…and politically motivated tittletattle”.
Russia, Europe’s largest natural gas supplier, was accused of deliberately withholding supplies.
According to BBC, the European Commission has provided recommendations to member states on how to counter rising prices.
Since January, the wholesale price of gasoline has risen by 250%. This has triggered a spike in prices for both consumers and businesses.
For many reasons, energy prices are at record highs. This is due to high demand for natural gases as economies recover from the Covid-19 pandemic.
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