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An oil expert expects oil prices to rise to 4 times its current value

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An oil expert expects oil prices to rise to 4 times its current value

November 23, 2022
Journal(JNA)


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.

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