The oil price can bring down the oil market above $100 per barrel. The president-analyst said about it.

“I would not like to see oil prices above $100 per barrel again, inasmuch as this can stimulate investment in low-profit, ineffective projects and then again lead to what we have already passed – the collapse of the market,” Alekperov said.

The analyst also announced plans to increase production by about 1.5-2 percent per year after 2022.

Earlier Alekperov said that in general, the global oil market could recover from the consequences of the coronavirus pandemic by next spring, however, fluctuations in commodity prices will be serious. According to the president and co-owner of “Lukoil”, they can vary from zero to infinity.