Expect market crash if oil price rises above $100 bbl: LUKOIL Boss
The head of Russian energy giant LUKOIL, Vagit Yusufovich Alekperov, warns of a market crash if oil prices rise above $100 per barrel.
Mr Alekperov told the Russian Kommersant newspaper that he would not want to see oil prices above $100 per barrel again.
“This can stimulate investments in low-profit, ineffective projects and then again lead to what we have already experienced – a market collapse,” he said.
He added that a price of 65-75 dollars per barrel was favourable for consumers, and OPEC+ countries would maintain that level by regulating production volume.
Earlier, the OPEC+ countries confirmed their adherence to the previously agreed plan and said they would increase oil production by 400,000 barrels per day in October.
On Wednesday, Russian Deputy Prime Minister Alexander Novak said Russia would increase oil production by 100,000 barrels per day by October.
The current price of November futures for Brent crude oil is approaching $73 per barrel.
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