An Aramco employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. (Reuters file photo)

The head of Russian energy giant Lukoil, Vagit Alekperov, warns of a market crash in case oil prices rise above 100 dollar per barrel.

Alekperov told the Russian Kommersant newspaper that “I would not want to see oil prices above 100 dollars per barrel again.

“This can stimulate investments in low-profit, ineffective projects and then again lead to what we have already experienced – a market collapse.’’

He added that a price of 65-75 dollars per barrel was favorable for consumers and OPEC+ countries were set on maintaining that level by regulating production volume.

Earlier, the OPEC+ countries confirmed their adherence to the previously agreed plan and said they would increase oil production by 400,000 barrels per day in October.

On Wednesday, Russian Deputy Prime Minister Alexander Novak said Russia was going to increase oil production by 100,000 barrels per day by October.

The current price of November futures for Brent crude oil is approaching 73 dollars per barrel.