Pushing Russian oil out of world market would instantly send oil price above $100/barrel, demand is growing - Putin

MOSCOW. Oct 3 (Interfax) - Global consumption of primary energy resources is growing and attempts to push Russian oil out of the world market would immediately push the price of crude above $100 per barrel, President Vladimir Putin said at a meeting of the Valdai International Discussion Club, commenting on calls to detain tankers with Russian oil.

This is not in the interests of the economy, including Europe's, he said. French President Emmanuel Macron proposed earlier to detain tankers carrying Russian oil.

"Our opponents, let's call them this delicately, always call for observing international law. We, for our part, call on them to observe international law. There's nothing in international law that says one can plunder, pirate and seize someone else's ships without any grounds. And this could lead to dire consequences," Putin said, adding that if the "multipolar world will fight for the interests of everyone and find instruments to agree positions," then "it won't come to this."

At the same time he said that "whatever happens, I'm confident that world energy will work and is working stably."

"Because the global economy is growing, demand for primary energy resources, which applies to uranium, and oil, gas and coal, will increase, which means [...] international markets will consume these energy resources one way or another," Putin said.

He recalled that the world's largest oil producer is the United States, followed by Saudi Arabia and Russia in third.

"But it's impossible to imagine that the loss of Russian oil volumes will preserve a normal situation in global energy and the economy. This won't happen, because even if in a bad dream one can imagine that it's possible to take the Russian producer and Russian traders, who provide a substantial share [of the oil supply] on the world market, out of the equation, prices will immediately skyrocket, everything will instantly shoot up beyond $100 per barrel," Putin said, asking whether this is in the interests of "economies of countries that are doing poorly, including the economies of European countries."

"But whatever happens, these needs of the global economy will still be met," Putin said.

He said hopefully public organizations, politicians and citizens in countries "where the leadership is trying to aggravate the situation, including by creating problems for the global economy, international logistics and energy, will do everything they can to not allow their leaders to push matters to some sort of collapse and serious international complications."