Blackrock CEO says high probability of oil reaching $100/barrel: Saudi Arabia’s FII

Blackrock CEO says high probability of oil reaching $100/barrel: Saudi Arabia’s FII

Larry Fink, chief executive of the world’s largest asset manager BlackRock, said that there is a high probability of oil reaching $100 a barrel, as he addressed the Future Investment Initiative (FII) conference in Saudi Arabia on Tuesday.

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Brent crude was down 28 cents at $85.71 a barrel by Tuesday morning, reversing gains from earlier in the day but still close to multi-year highs.

Fink, who was speaking at the fifth edition of FII in Riyadh, also called for more collaboration between the public and private sectors to tackle global challenges such as climate change.

“(By) bringing public and private sector together large global change can be made,” he told the forum.

He said while private capital is abundant in reducing climate emissions, he said better foundations and frameworks are needed to better implement strategies.

A shift in societal attitudes is also needed to address climate change, he said.

“The problem is not public companies, the problem is moving societies forward,” he said, addressing a panel discussion entitled ‘The Board of Changemakers: Investing for Impact.”

He said if global leaders are “truly going to improve humanity,” societies need to change too, saying companies cannot