Dr. Youssef Al-Shammari, CEO of C Markets London, said that the Kingdom of Saudi Arabia is always keen to find balance in the oil markets, especially at critical stages.
Al-Shammari added, in a telephone interview with “Al-Arabiya” from London, that the markets are currently going through a high stage of uncertainty, whether in terms of economic growth in Asia or Western economies, and Saudi Arabia’s decision to extend the voluntary oil production cut by one million barrels per day during the month of August is necessary. .
Al-Shammari stated that Russia’s decision to reduce its oil exports by 500,000 barrels per day also creates a kind of balance among all OPEC Plus member states.
He pointed out the importance of Russia’s announcement to reduce its oil exports because it is the most important, and India and China import about 80% of Russian oil.
He expected the global markets to improve in the third quarter of this year and to maintain the stability of prices and the global economy.
He explained that the state of uncertainty experienced by the markets affects the price levels, and if it reaches between 80 and 85 dollars, then the decisions to reduce voluntary production will be an achievement, given the considerations of the economic situation in which the world is living.
He pointed out the possibility of oil prices reaching $90 a barrel in the coming months, but if prices reach $80, OPEC + will have achieved a very important achievement, because China is currently facing an economic crisis in terms of mortgages, in addition to the central banks continuing to raise interest rates and increase inflation. .
Al-Shammari said in an interview yesterday with “Al-Arabiya”: “I think that extending the reduction will definitely support the markets, especially if it is taken until the end of the third quarter of this year.”