A storm hits the oil market, and expectations are that the price of a barrel will rise to $150
Shafaq News/ Economic specialists expected oil prices to rise to $150 a barrel due to a storm that hit one of the Russian oil ports.
The Russian "RT" station reported that the severe storm that hit the oil pumping station in the Novorossiysk port on the Black Sea this week damaged the station of the "Caspian Sea Pipeline" consortium, which affected the black gold supplies.
According to reports, the accident occurred on March 20, and caused two-thirds of the station's capacity to be disrupted for at least a month.
Yesterday, Tuesday, Russian Deputy Energy Minister Pavel Sorokin warned that the suspension of the offshore station would have serious repercussions on oil supplies and reduce them by about one million barrels per day.
He pointed out that the maintenance work is likely to take a month, pointing out that the accident will affect oil exports from Russia and Kazakhstan through the Caspian Sea Pipeline.
Regarding the repercussions of the incident on global oil markets, Igor Yushkov, a senior analyst at the National Energy Security Fund and an expert at the Russian Government's Financial University, believes that this may push the price of oil to a sharp rise.
He pointed out that the incident came at a time when the global oil market recovered from a shortage of supply, as demand exceeds supply, so it may push the price to 140-150 dollars per barrel.
Earlier, the "Caspian Sea Pipeline" consortium explained that the storm had damaged the pipeline's loading equipment. The Caspian Sea pipeline is one of the largest oil pipelines in the world and transports oil from Kazakhstan and Russia to world markets.
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