An oil expert expects oil prices to rise to 4 times its current value
November 23, 2022
Oil expert Hamza al-Jawahery predicted on Wednesday that
oil prices will rise to 400 dollars if Russia stops exporting crude oil. Al-Jawahery said in a statement followed by the “Journal” that
the US and European threats to dispense with Russian oil and gas are just bids and procrastination in order to put pressure on Russia, indicating that
the only affected by this will be Europe and America only. He added that
Russia's oil production is more than 11 million barrels and exports about 7 million barrels, most of which go to Europe, and that
this amount is not small and
this amount cannot be compensated if Russia stops exporting from any country, whether it is Saudi Arabia, Iraq or any Gulf country, and
if these countries come together, it compensates only for about half of Russia's exports, stressing that
if Russia stops exporting oil, oil prices will rise to more than 400 dollars a barrel,” he said.
“The oil markets will suffer from a shortage of supplies and its impact on prices will be very large and
there will be a major economic collapse in Europe,” he noted. He stressed that
"some European peoples and governments, in particular, look at their interests and
as long as these remain only within the scope of the threat, they are silent,
but when their interests are harmed, they will not comply with the decisions of some countries not to stop importing oil and gas from Russia.