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Global prices to skyrocket without Russian oil — Putin

"Everything will immediately climb above $100 [per barrel]," Russian President added

SOCHI, October 2. /TASS/. The withdrawal of Russian oil from the global market will immediately drive prices up to more than $100 per barrel, President Vladimir Putin said at the plenary session of the Valdai Discussion Club.

"Concerning oil, the United States is currently the top global oil producer, Saudi Arabia and Russia are at the second place. However, it is impossible to imagine that the shortfall of volumes, say, Russian oil, will keep the situation normal in the global energy sector and the world economy," Putin said.

"If this happens, prices will skyrocket immediately. Everything will immediately climb above $100 [per barrel]," he added.