Economist: oil prices may exceed $ 100 a barrel

09:45 - 16/09/2019


Oil expert Majid al-Suri said Monday that oil prices could exceed $ 100 if Saudi Arabia loses 50 percent of its oil production, or more than 5 million barrels of oil, pointing out that oil producing countries will not be able to cover the shortage in oil production.

He said in a statement to the information, that "information about the loss of Saudi Arabia half of its oil production will lead to the rise in the price of a barrel to more than $ 100, because that means the loss of Riyadh more than 5 million barrels," noting that "oil-producing countries will benefit from This rise will cover the shortage, especially America, which has large oil reserves. ”

He explained that "the world will need more than three million barrels of oil to make up for the shortage of production, where will not be able to produce countries, including Iraq to provide this quantity," pointing out that "Saudi Arabia can release its oil stocks to create a balance in the shortage."

Suri said, "Winter is on the doors, and the world will demand additional oil, as the trend today to reduce production, but the recent events, especially if Saudi information is believed to lose 50% of its production, the world will see a shortage of oil will raise prices to more than 100 Dollars a barrel. ” is over


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