Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive. “Today OPEC+ countries can’t increase production to the extent necessary to meet demand,” Otabek Karimov, the Russian company’s vice president for commerce and logistics, said at a conference. “As a result, there is a very serious deficit of energy resources in the whole world today. Naturally, this cannot but affect the price.” Crude has soared almost 60% to above $82 a barrel this year as the recovery from the pandemic boosts demand while the Organization of Petroleum Exporting Countries and its allies are only gradually boosting supply. Russia’s President Vladimir Putin said last month that $100 oil is “quite possible,” a view shared by Eni SpA and Trafigura Group. Bank of America […]