OPEC kingpin Saudi Arabia is determined to keep oil prices trading around current levels, one strategist told CNBC Monday, but a total shutdown in Venezuelan production could soon prompt crude futures to skyrocket toward $100 a barrel.
Prices in the oil market have been steadily rising since last year, with global benchmark Brent climbing to multi-year highs of $80 a barrel earlier this month. An upswing in crude futures has largely been driven by OPEC-led production cuts and robust global demand.
However, more recently, crude futures have slipped amid renewed fears of an oversupplied energy market.
"I think that Saudi Arabia, the rest of OPEC and Russia have achieved their objective of clearing this industry overhang from the oil market," Bob Parker, investment committee member at Quilvest Wealth Management, told CNBC's "Squawk Box Europe" Monday.