The cartel of producing countries decided to maintain its supply policy unchanged. Its decision not to open the floodgates a little more, which comes in a context of global inflation, has pushed the barrel of U.S. WTI to levels not seen for seven years.
Russia and its OPEC partners are working hard to keep the oil market stable, but it is entirely possible that the price of crude could rise to $100 per barrel, President Vladimir Putin told a Moscow energy conference on Wednesday.
Answering a question from a moderator at the annual Russian Energy Week, held near Red Square, Putin said it was “quite possible” that a barrel could cost a triple-digit sum.
“It is currently rising in price,” he explained. “Russia and our OPEC+ partners are doing everything possible to make the oil market finally stabilize. We are not allowing price hikes. This is not in our interests.”
Higher prices encourage extra shale oil production in the US, meaning that Russia prefers a lower, stable value. As things stand, the price of Brent crude currently sits at $82-83 per barrel.
The president also called for movements in the energy market to be “smooth and balanced,” and explained that Russia is in full compliance with its agreed limits. However, he was also careful to point out that his country has vast energy resources.
