Expect market crash if oil price rises above $100 bbl: LUKOIL Boss

The head of Russian energy giant LUKOIL, Vagit Yusufovich Alekperov, warns of a market crash if oil prices rise above $100 per barrel.
Mr Alekperov told the Russian Kommersant newspaper that he would not want to see oil prices above $100 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 said.
He added that a price of 65-75 dollars per barrel was favourable for consumers, and OPEC+ countries would maintain 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 would increase oil production by 100,000 barrels per day by October.
The current price of November futures for Brent crude oil is approaching $73 per barrel.
More from Peoples Gazette

Health
Strike: Ngige implicates Buhari regime in illegal recruitment of doctors
Nigeria’s labour minister Chris Ngige has implicated President Muhammadu Buhari’s regime in the illegal recruitment of medical doctors across the country.

Diaspora
Biafra: Nnamdi Kanu seeks UK return, sues Buhari regime for rights violations
IPOB leader Nnamdi Kanu has sued President Muhammadu Buhari’s regime for violating his fundamental human rights and is seeking a UK return.

NationWide
Banditry: Nigerians believe we are incompetent, says defence minister
The defence minister said bandits were becoming a nuisance.

Sport
Cricket World Cup: Team Nigeria arrives Botswana for women’s qualifiers
Only two slots are up for grabs in the 11-nation tournament slated to begin Thursday, September 9.

Rights
EFCC arraigns bureau de change operator over N43.3 million fraud
The accused is said to have converted N43,328,000 kept in his custody for personal use.

Economy
U.S. Consulate launches AWE initiative to support women entrepreneurs
In 2019 and 2020, 220 women entrepreneurs participated in the AWE program.