Global crude oil prices could rise to $100 a barrel based on the OPEC+ decision on Wednesday to maintain supply cuts, the chief economist of Norwegian oil and gas company Equinor said.

“I wouldn’t exclude that we can have prices reaching $100 a barrel, but that wouldn’t be because Opec would like it to reach there. I don’t think they are aiming for that price,” Equinor Chief Economist Eirik Waerness said on the sidelines of the Baker Institute Center for Energy annual energy summit in Houston.

Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary Supply Cuts in place to support the market.

Oil prices, however, tumbled by more than 5% on Wednesday as concerns over the cuts were offset by Demand fears, with global benchmark Brent crude futures trading around $86 a barrel.

OPEC likely is aiming for a price lower than $100 a barrel, to ensure that there is no collapse of oil demand, Waerness said. Market supply and demand support rising prices, he added.

“It is a relatively tight market in terms of how much oil is in storage, (and) how much spare production capacity that the world has,” he explained.

Equinor’s outlook for natural gas sees demand through to 2035 in its worst-case scenario, Waerness said, challenging the International Energy Agency (IEA) forecast that coal, oil and gas consumption may peak before 2030.

Europe could reduce its carbon dioxide (CO2) emissions by 70% by 2050 mainly due to the region’s growth in electrification, Waerness told the conference.

Waerness’ comments echoed those of other oil executives arguing for continued investment in oil and gas to keep pace with growth in energy demand even as net zero greenhouse gas targets fall away.

Oil demand will peak by 2029, but gross domestic product expansion will require increases in oil supplies for the next three to five years, he said.

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Global crude oil prices could rise to $100 a barrel based on the OPEC+ decision on Wednesday to maintain supply cuts, the chief economist of Norwegian oil and gas company Equinor said.

“I wouldn’t exclude that we can have prices reaching $100 a barrel, but that wouldn’t be because OPEC would like it to reach there. I don’t think they are aiming for that price,” Equinor Chief Economist Eirik Waerness said on the sidelines of the Baker Institute Center for Energy annual energy summit in Houston.

Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Oil prices, however, tumbled by more than 5% on Wednesday as concerns over the cuts were offset by demand fears, with global benchmark Brent crude futures trading around $86 a barrel.

OPEC likely is aiming for a price lower than $100 a barrel, to ensure that there is no collapse of oil demand, Waerness said. Market supply and demand support rising prices, he added.

“It is a relatively tight market in terms of how much oil is in storage, (and) how much spare production capacity that the world has,” he explained.

Equinor’s outlook for natural gas sees demand through to 2035 in its worst-case scenario, Waerness said, challenging the International Energy Agency (IEA) forecast that coal, oil and gas consumption may peak before 2030.

Europe could reduce its carbon dioxide (CO2) emissions by 70% by 2050 mainly due to the region’s growth in electrification, Waerness told the conference.

Waerness’ comments echoed those of other oil executives arguing for continued investment in oil and gas to keep pace with growth in energy demand even as net zero greenhouse gas targets fall away.

Oil demand will peak by 2029, but gross domestic product expansion will require increases in oil supplies for the next three to five years, he said.