Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Sputnik radio on the reasons for the current rise in world oil prices.
“I think that two opposite trends will play on the oil market. The first is the fear of risks due to the imposition of an embargo by the European Union on Russian oil supplies. This fear is pushing prices up. The second is real US steps to release additional volumes on the market oil from strategic reserves. This trend slows down price growth. I think that the struggle between these two trends will shape the overall dynamics of world oil prices," Alexey Gromov explained.
“I suppose that in any case there will be an increase in oil prices. It will not be a shock, but, most likely, prices will rush to new heights. This will be the level of 130-140, and possibly even 150 dollars per barrel," Alexey Gromov suggested.
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