''We'll See $200 Oil": Russia & OPEC Ministers Blast IEA's Net...

''We'll See $200 Oil":
Russia & OPEC Ministers Blast IEA's Net Zero Plan

After in recent months crude oil prices have clearly recovered from their COVID-19 slump on steadily increasing demand,
Russian Deputy Prime Minister Alexander Novak addressed the much-anticipated decision-making at the upcoming OPEC+ conference set for August and the expectation that it will decide to raise output significantly beyond the current pandemic-induced strategy of gradually releasing more barrels into a strengthening oil market.Novak said in his
Thursday remarks at the St Petersburg International Economic Forum that while it remains "premature" to talk about output decisions for August, he affirmed "The current oil price is good enough for Russia," adding: "Oil prices reflect the balance of supply and demand," and noted it's expected the seasonal oil demand will increase in the third quarter of the year.
On Wednesday Brent crude futures touched their highest price since September 2019 at $71.99, with the international benchmark gaining 1.6%, following the day prior the benchmark seeing a rise of almost 3%.

On that front in particular, he blasted current IEA proposals and a "road map" being pushed which in the end could lead to $200 a barrel oil
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050,
"the price for oil will go to, what, $200? Gas prices will skyrocket," Novak said.