Russian President Vladimir PutinAccording to Wednesday’s statement, oil prices could reach $100 per barrel as the demand grows for energy commodities.

Prices for energy have shot up across the board, as countries reopen following months of supply- and pandemic-induced lockdowns. West Texas Intermediate crude futuresLast week, oil benchmark in America, reached $80/barrel for the first-time since Nov. 2014.

Putin is the leader of Russia, one of the largest oil-producing countries in the world. He believes that it could go higher. Putin said that WTI could rise to $100 per barrel if he was asked.

Putin said however that Russia, and all oil-producing countries, are working hard to stabilize the market.

Russia and our partners, OPEC + group I believe we do everything to stabilize the oil markets. We do not want to see any price shocks. We certainly do not want to have that — it is not in our interests,” he said, according to a translation.

Despite pressure from others, OPEC + had decided earlier this month to maintain its stance and not increase production. The group regularly meets to discuss policies in a volatile market for energy.