Baghdad The expert in the oil affairs, Hamza Al-Jawahiri, confirmed that the rise in oil prices and its continuation depend on the decisions of OPEC +.
Al-Jawahiri said in a statement to the National Iraqi News Agency (NINA) that “the rise in oil prices depends on decisions in (OPEC +), which will decide when this rise will stop because the stocks of the major countries are almost depleted and others have already run out,” noting: Speculators and traders, no one knows how much they are holding, after they have disappeared into the shadows and are also waiting for where the prices will reach during this historic upward journey.”
He added: “There are other variables, such as imposing a state of coexistence with the Coronavirus and returning to launching the wheel of production at its highest speed, but in light of these facts on the ground, clean energy producers and developers have given a wide space of hope to compete in energy markets, and another factor is the higher policies of major countries, perhaps it changes after they are unable to pay the energy bills. This varies from one country to another.”
The expert explained: “These factors combined will have the greatest impact on oil prices in the coming days, which will be full of variables and surprises. The major countries do not have many tools in the event that America abandoned the Trumpian policy / in reference to the policy of the former president Trump /”.
Al-Jawahiri believed: “The price of oil will drop to below eighty dollars, but it will find very great resistance above ninety dollars for economic and political reasons. As for the repercussions of this on the budget, they are large and good, as they may cover the large deficit in it.”/ End
Source: National Iraqi News Agency