Russian President Vladimir Putin said, today, Wednesday, that the price of oil may reach $ 100 a barrel, adding that Moscow and its partners in the “OPEC Plus” group of producing countries are seeking to achieve stability in the global market.
The Organization of the Petroleum Exporting Countries, Russia and other allies, the group known as "OPEC +" of 23 oil exporters, has resisted calls to raise production at a faster pace and stuck to its previous plan to increase production by 400,000 barrels per day from November 1.
This pushed crude prices to three-year highs, adding to global inflationary pressures.
Putin said at an economic conference, today, Wednesday, "This (the price of 100 dollars a barrel) can be reached... We and our partners in OPEC + are doing everything in our power to achieve stability in the markets."
OPEC lowered its forecast for global oil demand growth in 2021, and now expects it to increase by 5.82 million barrels per day, and said on Wednesday that its revision of its forecast to cut was mainly due to data for the first nine months of the year.
Sources close to "OPEC +" told Reuters earlier that the group's adherence to its original plan was partly due to fears of a decline in demand and prices.
Putin stressed that they will not allow "sharp fluctuations in prices. This is not in our interest. We are not trying to restrict production so that prices will skyrocket. We support smooth and balanced movements (in oil production)."
The price of Brent crude fell to $ 82.5, today, Wednesday, affected by demand concerns.
Despite calls from major consumers, such as the United States and India, to increase production, Alexander Novak, Russia's Deputy Prime Minister and Russia's chief negotiator at "OPEC +", said today, Wednesday, that the group is sticking to its announced plans.
Novak added in response to a question about whether it was planned to pump more oil to calm prices, "We are working according to an agreed schedule. The agreement was to add 400,000 barrels per day."