The price of oil may exceed $100 per barrel due to the uncertainty with the offer on the world market, said Saudi Arabian oil minister Khalid al-Falih.
“I cannot give you a guarantee, because I cannot predict what will happen to other suppliers. We have sanctions on Iran, and nobody has a clue what Iranians export will be. Secondly, there are potential declines in different countries like Libya, Nigeria, Mexico and Venezuela,” Express.co reported quoting Khalid al-Falih.
According to him, Saudi Arabia’s production reached 10.7 million barrels per day in October and, if necessary, the country can reach up to 12 million.
“If 3 million barrels per day disappears, we cannot cover this volume. So we have to use oil reserves,” he added.
He added that OPEC member states are increasing production to avoid new peaks.