Mubasher: The recent rise in oil prices could speed up a crisis in the energy market, according to an oil economist.

Daniel Lacalle, chief economist at Tressis Gestion, warned of a "massive supply management" in the energy market, indicating that this may prompt an "artificial" surge in crude prices.

“Because oil prices don't generate crises; the abrupt and unexpected rise of oil prices creates crises," he told CNBC's "Squawk Box Europe" on Thursday.

The Organization of Petroleum Exporting Countries (OPEC), Russia and several other allied producers had agreed to cut their global oil production in order to bolster crude prices.

The deal, which was extended until the end of 2018, sought to raise oil prices to pre-mid-2014 averages.

The soaring oil prices came after reports that OPEC’s largest oil producer would like to see crude prices reach $80 per barrel (pb), or even $100 pb.

This comes at a time of the kingdom’s final preparations to offer a minority stake in Saudi Aramco for sale on an international exchange.

Aramco’s initial public offering (IPO), expected to take place in 2019, is geared towards raising about $100 billion and attracting a valuation of $2 trillion.

A joint meeting between OPEC and its partners is to be held on Friday in Jeddah, Saudi Arabia, while another OPEC meeting is slated for June.

By 4:20 pm GMT, Brent crude rose by 1.10% to $74.29 pb, while US crude (Nymex) added 0.67%, reaching $68.93 pb.