Why Oil Prices Beyond $100 pb Could Lead To Market Collapse – Vagit Alekperov

39316
Russia Overtakes Saudi Arabia As China’s Top Oil Supplier

The head of Russian energy giant Lukoil, Vagit Alekperov, warns of a market crash in case oil prices rise above 100 dollar per barrel.

Alekperov told the Russian Kommersant newspaper that “I would not want to see oil prices above 100 dollars 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.’’

READ ALSO:   NNPC To Back Lee Engineering on Atlas Cove Projects

He added that a price of 65-75 dollars per barrel was favorable for consumers and OPEC+ countries were set on maintaining that level by regulating production volume.Oil Prices Beyond $100 pb Could Lead To Market Collapse – Vagit Alekperov

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.

READ ALSO:   NLNG Dividends: Senate Uncovers NNPC’s Fresh $1bn Illegal Withdrawals

On Wednesday, Russian Deputy Prime Minister Alexander Novak said Russia was going to increase oil production by 100,000 barrels per day by October.

The current price of November futures for Brent crude oil is approaching 73 dollars per barrel. (Sputnik/NAN) (www.nannews.ng )

Subscribe to Our VIP Newsletter

SHARE
Previous articleBBNAIJA S6: I’ll Give Tega 2nd Chance, If… Husband
Next articleInsecurity: Military Action Will Worsen Situation – Gumi
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here