Russian President Vladimir Putin considers the oil price at $100 per barrel “quite possible.”

“Quite possible. The oil price is rising now. We mean Russia,” he said at a plenary session of the Russian Energy Week on Wednesday, according to TASS. 

Russia avoids price hikes on the oil market, the president added. “We are doing everything to stabilize the oil market, avoid price hikes,” he said.

That said, Russia has not yet reached the pre-crisis level of crude production, Putin believes.

“The market has stabilized, though we have not yet reached the pre-crisis level of production – 11 mln barrels per day. Our position is to boost production in accordance with the growing market needs,” he noted.