Oil price may reach $100 per barrel – Novak

TASS Russian News Agency | Oct 13, 2021 at 9:50 PM

MOSCOW, October 13. /TASS/. Russian Deputy Prime Minister Alexander Novak believes that oil prices could reach $100 per barrel under certain conditions, but Russia hopes to balance the situation, he told reporters on Wednesday.

"Today the price already reaches $83, prices do not stand still, they either go up or down. … I hope that the market situation will be balanced," he said, answering a question about oil prices reaching $100 per barrel in the future.

Russian President Vladimir Putin said earlier he considers the oil price at $100 per barrel "quite possible." "Quite possible. The (oil -TASS) price is rising now. We mean Russia," he said. Russia avoids price hikes on the oil market, the president added. "We are doing everything to stabilize the oil market, avoid price hikes," he said.

That said, Russia has not yet reached the pre-crisis level of crude production, Putin believes. "The market has stabilized, though we have not yet reached the pre-crisis level of production -11 mln barrels per day. Our position is to boost production in accordance with the growing market needs," he noted.