For half the price of a barrel of oil will rise to $100, I’m sure Egyptian billionaire Naguib Sawiris. According to him, the price war between Russia and Saudi Arabia was a “calculated” attempt to destroy shale oil in the United States.
soon the oil price will rise to $50-60 per barrel and a half later to $100. Such forecast was made by the Egyptian billionaire founder of the telecommunications company Orascom Telecom Holding Naguib Sawiris in an interview with CNBC.
According to Sawiris, the price war is Russia and Saudi Arabia was a “calculated” attempt to destroy the us shale industry.
According to him, even if in March of the OPEC countries and Russia would conclude a deal, the price of oil will still be dropped due lower demand — but not so much. “I think they [the Saudis] understand that this is supposed to happen and they still decided to do it, because after the elimination of a competitor, the price will rise above $50 or $60. So I really believe that in 18 months the oil will reach $100,” said Sawiris.
the Businessman also did not agree with the opinion of the investor Warren Buffett, last week called mistake its investment in the airline. “In every crisis there is opportunity, said Sawiris. Today we can go out and buy the airline for $1, if you assume a large part of its debt”.
In early March amid restrictions due pandemic coronavirus and the collapse of the OPEC deal+ on limiting the production volume has seen a sharp drop in oil prices. In April, OPEC countries agree on a new reduction in oil production, which started to operate from 1 may.