Featured Gas Oil

Oil prices beyond $100 per barrel could lead to market collapse – oil giant

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.’’

He added that a price of 65-75 dollars per barrel was favourable for consumers and OPEC+ countries were set on maintaining 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 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.

Related posts

2021 AFCON Qualifiers: Benin Republic will be tough for Eagles

Abisola THOMPSON

PIA’ll boost Nigeria’s oil production by 317% to 4m bpd — FG

Our Reporter

EFCC forced me to declare my assets, put me in underground cell – Shehu Sani

Our Reporter

LFZC funding SPV Plc bond now LFZC GTEED SEP 2041

Tonia Osundolire

SON destroys substandard tyres, cables, others in Lagos

Our Reporter

Zipline moves to eliminate barriers in medical delivery in Africa — Vice President

Shile GIWA