Oil is expected to witness sharp fluctuating prices during the coming four months, said an analyst and researcher in oil and energy at Bahrain Centre for Strategic, International and Energy Studies (Derasat) Abdulaziz Al Dosari.
This is due to US withdrawal from the Iran nuclear deal and US President Donald Trump’s determination to bring Iran’s oil exports to a standstill, causing geopolitical factors rather than economics to become the main driver of global oil prices, he told our sister paper Akhbar Al Khaleej.
“Although it is difficult to forecast oil prices at any given time, it will be fluctuating in the short-term and long-term markets,” he pointed out.
He said US talks with Saudi Arabia focused on securing prices and market stability after US allies stop all Iranian oil purchases by November, stressing Saudi Arabia’s ability to keep the market in balance holding the largest oil reserves worldwide, with about two million barrels per day of unused capacity.
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