The president of Russia, Vladimir Putin, warned this Wednesday that a barrel of oil could be priced at 100 dollars, a circumstance that he considered perfectly possible.
OPEC + announces that it will not increase oil pumping
During a presentation in the framework of the Russian Energy Week, the head of state asserted that the strategy of the OPEC + alliance has stabilized the market, which experienced a sharp drop in demand in 2020 due to the crisis generated by Covid -19.
He specified that, based on this context and to honor the commitments agreed in the alliance, his country reduced the pumping of crude oil to adjust the demand.
He stressed that Russia will not allow prices to skyrocket as this would harm all countries, and recalled that the OPEC + strategy plans to increase supply by 400,000 barrels a day per month until September 2022.
According to the press, on October 11 the price of Brent oil (the reference for Europe) was above 84 dollars per barrel, a situation that had not occurred since October 2018.
Moscow offers more gas to Europe
Putin said that Russia expects to reach record volumes in gas supplies to the global market by the end of this year.
He specified that the supply of gas and liquefied natural gas to Europe increased 15 and 13 percent, respectively.
He said Moscow is willing to increase them and go beyond its contractual obligations if that region requests more deliveries.
He emphasized that Russia fulfills “its contractual obligations to its partners, including those in Europe, and guarantees an uninterrupted gas supply,” alluding to versions that Moscow uses energy as a weapon and is responsible for Europe’s energy crisis.
Addressing the causes of this situation, he noted that the Europeans themselves did not fill their underground reservoirs in time.
He added that, as Russia increases its deliveries, supplies from regions of Europe and the United States have decreased, causing panic.
He questioned that some states point to Moscow to cover up their own mistakes, and urged a dialogue without political prejudice and sign longer-term agreements, since “stability and predictability are important for any market,” he defended.