OPEC President says crude prices may shoot above $100 soon

OPEC President Bruno Jean-Richard Itoua

OPEC President Bruno Jean-Richard Itoua said, in an interview with Al Arabiya TV, that oil prices are nearing the $100 barrel per day level, and is likely to see further rises "soon".

"However, the role of OPEC and OPEC+ is to maintain the stability of the market and prices, and this is our goal. We are doing our best to achieve this," he added.

Itoua also noted that higher prices do no serve either producers or consumers, saying that the global economy will not benefit from such rises as they weigh on economic growth.

"Among the tools we are working on is to consider producers' ability to boost output. We will see what can be done in our next meeting," he said.