Putin: If Russian supplies are lost, oil prices will immediately exceed $100 per barrel.

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Russian President Putin stated at the Valdai International Discussion Club meeting in Sochi that if the global market loses Russian oil supplies, oil prices will quickly break through the $100 per barrel mark.

He emphasized that without Russian crude oil, the global energy system and world economy cannot function normally.

Putin questioned:

“Does this really serve the interests of countries whose economic situation is already extremely poor—especially European countries?”

Currently, oil prices have fallen to their lowest level in nearly five months, due to market expectations that OPEC+ will agree to speed up the restoration of more idle capacity at its meeting this weekend, as well as market risk aversion triggered by the continued U.S. government shutdown.

West Texas Intermediate (WTI) crude fell more than 2%, closing at $60.48 per barrel, the lowest closing price since early May. Brent crude also fell to near $64, the lowest level since the end of May. Early signs of global oversupply have appeared in the Middle East, while U.S. crude and gasoline inventories also rose significantly last week.

In Washington, political uncertainty has heightened market concerns. White House Press Secretary Karoline Leavitt warned that layoffs related to the federal government shutdown could reach several thousand people. According to media reports, this news has intensified concerns about the health of the U.S. economy and the outlook for oil consumption.

Part of this week's sharp downturn in oil prices is also due to the possibility that OPEC and its partners will consider accelerating the latest round of production increases at Sunday’s meeting. A media survey showed OPEC crude production already rose last month. Some investment banks even predict that Brent crude could fall into the $50 per barrel range next year.

Edward Bell, Acting Head of Research and Chief Economist at Emirates NBD, said:

“The undeniable focus for the oil market this week is the OPEC+ weekend meeting. We expect them to agree to continue increasing supply, even if market forecasts predict inventories will rise sharply by 2026.”

In addition, Turkey’s Ceyhan oil export terminal plans to load the first batch of crude oil from Iraq’s Kurdish region since 2023, after both sides reached an agreement last month to resume exports, which will further increase market supply.

Meanwhile, French President Macron stated that seizing tankers can help curb the “shadow fleet,” which helps Russia circumvent sanctions and transport crude oil around the world.

Risk Warning and DisclaimerThe market involves risk, investment needs caution. This article does not constitute personal investment advice, nor does it take into account the individual investment objectives, financial situations, or needs of specific users. Users should consider whether any opinions, views, or conclusions in this article are suitable to their particular circumstances. Investment based on this is at your own risk. ```