Total CEO: Oil price may rise to $100 a barrel

Baku. 27 September. REPORT.AZ/ Oil price may rise to $100 a barrel, but such an increase leads to decrease in demand, Total SA Chief Executive Officer Patrick Pouyanne said in a Bloomberg television interview, Report informs.

“I’m not sure it’s a good news” for the global economy, Pouyanne said. “Even for the oil industry, because you know, when price goes too high then you open the door to your competitors and demand will fall," he said.

He said that supportive elements, such as looming sanctions on Iran and disruptions in Venezuela are stripping supply from the market and pushing prices back into triple digits for the first time since 2014.

Pouyanne noted that he had warned about a possible rise in prices to $ 100 per barrel in June. According to him, Saudi Arabia will not be able to quickly provide more oil supplies to the market. "In our area, it is not possible that you push the button and oil flows. This is more complicated, so it will take time," he said.