An Oil Expert Predicts Oil Prices Rise Between 70 To 80 $ This Year

BAGHDAD, IRAQ (NINA) - Oil expert Hamza al-Jawahri predicted that oil prices will be ranged between 70 to 80 dollars this year 2018. "The price of oil depends on the producers' conviction at the fair price. If the producers believe that the fair price is $ 70, they will raise prices for this level and then raise the production to the levels that will keep it," Jawahri said in a statement to the National Iraqi News Agency (NINA), added " some countries believe that the fair price is 70 and another see it as 50 and Saudi Arabia sees it as $ 80 a barrel. " "What is important is that producers, both inside and outside OPEC, have succeeded in removing the stocks of speculators from the market by cutting production for a period of about a year and a half, and the market is functioning normally, that is, the prices are determined by almost the quantities of oil on the market which are controlled only by producers. " The oil expert said that "America will have a special role in the coming period, Trump's administration has allowed to work in large areas in the territorial waters and land in areas promising with oil and gas shale, so we will see during this year undesirable entry by America as an oil producer and has its Economic agendas benefits from other producers and consumers alike. " He added that "the price will range between 70 and 80 dollars this year, unless America is convinced of the price demanded by producers, or it fails (America) to impose itself because the discovery of oil and its development is a matter that needs a relatively long time, certainly will be more than a year to become its dimensions real clear" It is noteworthy that oil prices rose with the beginning of the new year 2018 to 68 dollars due to political unrest in Iran and the decline in the number of US drilling rigs to extract shale oil./ End