Oil Price To Reach $100 Soon - Total

Chief Executive Officer of Total Patrick Pouyanne has predicted that the price of a barrel of crude will hit $100 later this year.

Pouyanne revealed this on Thursday at a think-tank event in Washington, US, just as the price reached $80 for the first time since November, 2014.

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“We are in a new world. We are in a world where geopolitics are dominating the market again,” Patrick Pouyanne said.

Recall that economists warn that rising oil prices pose a danger to the current economic expansion and may reduce the effects recently enacted US economic stimulus.

“OPEC and Russia have been implementing their policies efficiently,” Pouyanne added in reference to the Organization of the Petroleum Exporting Countries’ efforts to clamp down on supply.

“And on top of it, you have the announcement on Iran, which is pushing the price up,” said Pouyanne.

“So I wouldn’t be surprised to see $100 per barrel in the coming months.”

OPEC and Russia have held to production limits since early last year to boost prices.