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Shafaq News/ The oil expert, Hamza Al-Jawahiry, predicted today, Wednesday, that oil prices will rise to $400 if Russia stops exporting crude oil.
Al-Jawahiry said in an interview with Shafaq News agency, "The American and European threats to dispense with Russian oil and gas are just outbids and procrastination in order to put pressure on Russia, indicating that the only people affected by this matter will be Europe and America only."
He added, "Russia's oil production amounts to more than 11 million barrels, and it exports about 7 million barrels, most of which go to Europe, and this quantity is not small, and this quantity cannot be compensated if Russia stops exporting and from any country, whether it is Saudi Arabia, Iraq, or any Gulf country." If these countries meet, they will only compensate for about half of Russia's exports, stressing that Russia's suspension of oil exports will raise oil prices to more than $400 a barrel.
He pointed out that "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 stressed that "some European peoples and governments, in particular, look at their interests, and as long as these remain within the scope of the threat only, they will remain silent, but when their interests are damaged, they will not abide by what some countries take to not stop importing oil and gas from Russia."
The European Union is set to ban imports of Russian crude from December 5 and oil products from February 5.
It is also scheduled to meet the ambassadors of the European Union today, Wednesday, with the aim of approving the price ceiling, and it is expected that the diplomats will also discuss the price level at this meeting, and if they support the new proposal, the European Union and the Group of Seven countries may announce the price ceiling this evening.
However, the European Union eased the terms of the proposed sanctions on Russia by imposing a ceiling on the prices of Russian oil exports by postponing its full implementation and easing basic provisions related to shipping work.
Russia threatened to stop exporting oil to any country that sets a ceiling on the prices of its oil exports.
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An expert expects oil prices to rise to $400 if Russia stops exporting them
Shafaq News/ The oil expert, Hamza Al-Jawahiry, predicted today, Wednesday, that oil prices will rise to $400 if Russia stops exporting crude oil.
Al-Jawahiry said in an interview with Shafaq News agency, "The American and European threats to dispense with Russian oil and gas are just outbids and procrastination in order to put pressure on Russia, indicating that the only people affected by this matter will be Europe and America only."
He added, "Russia's oil production amounts to more than 11 million barrels, and it exports about 7 million barrels, most of which go to Europe, and this quantity is not small, and this quantity cannot be compensated if Russia stops exporting and from any country, whether it is Saudi Arabia, Iraq, or any Gulf country." If these countries meet, they will only compensate for about half of Russia's exports, stressing that Russia's suspension of oil exports will raise oil prices to more than $400 a barrel.
He pointed out that "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 stressed that "some European peoples and governments, in particular, look at their interests, and as long as these remain within the scope of the threat only, they will remain silent, but when their interests are damaged, they will not abide by what some countries take to not stop importing oil and gas from Russia."
The European Union is set to ban imports of Russian crude from December 5 and oil products from February 5.
It is also scheduled to meet the ambassadors of the European Union today, Wednesday, with the aim of approving the price ceiling, and it is expected that the diplomats will also discuss the price level at this meeting, and if they support the new proposal, the European Union and the Group of Seven countries may announce the price ceiling this evening.
However, the European Union eased the terms of the proposed sanctions on Russia by imposing a ceiling on the prices of Russian oil exports by postponing its full implementation and easing basic provisions related to shipping work.
Russia threatened to stop exporting oil to any country that sets a ceiling on the prices of its oil exports.
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