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2022-03-20 04:39
An oil expert rules out a global economic recession and stresses: The rise in oil is an emergency
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2022-03-20 04:39
Shafaq News/ Oil expert Hamza Al-Jawahiri ruled out, on Sunday, the occurrence of a global economic recession, stressing that the rise in oil prices is an emergency.
Al-Jawahiri said in an interview with Shafak News Agency; "The rise in global oil prices is an emergency as a result of the war in Ukraine and consumers' fears that the situation will deteriorate as a result of US sanctions on Russia and as a result of consumer countries' fear of not continuing energy supplies."
He continued, "Once the war ends, things will return to normal and oil prices will return to the range of 85 to 90 dollars a barrel," stressing that "the short period of time of turmoil in oil prices does not lead the world to enter into a phase of economic stagnation, as the recession needs objective accumulations." on the economy for a period of a year or more, not for a few weeks.”
Al-Jawahiri predicted that "the war will not be long and will end soon, and therefore there will be no economic stagnation, especially since there is a demand to buy oil with the presence of refining industries and continuous production factories," adding that "there is global inflation, but it will disappear with the end of the war."
A number of economists fear a global economic recession, especially after the Corona pandemic left the global economy at two main weaknesses, the first of which is high inflation rates, and financial market turmoil, and the repercussions of the war in Ukraine could easily exacerbate the situation.
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Al-Jawahiri said in an interview with Shafak News Agency; "The rise in global oil prices is an emergency as a result of the war in Ukraine and consumers' fears that the situation will deteriorate as a result of US sanctions on Russia and as a result of consumer countries' fear of not continuing energy supplies."
He continued, "Once the war ends, things will return to normal and oil prices will return to the range of 85 to 90 dollars a barrel," stressing that "the short period of time of turmoil in oil prices does not lead the world to enter into a phase of economic stagnation, as the recession needs objective accumulations." on the economy for a period of a year or more, not for a few weeks.”
Al-Jawahiri predicted that "the war will not be long and will end soon, and therefore there will be no economic stagnation, especially since there is a demand to buy oil with the presence of refining industries and continuous production factories," adding that "there is global inflation, but it will disappear with the end of the war."
A number of economists fear a global economic recession, especially after the Corona pandemic left the global economy at two main weaknesses, the first of which is high inflation rates, and financial market turmoil, and the repercussions of the war in Ukraine could easily exacerbate the situation.
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