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Main page > Comments > Fuel & Energy > The implications of volatility in global oil markets (video) The implications of volatility in global oil markets (video)With oil prices surging in the wake of supply fears combined with events in the Arabic world, Business RT spoke with Konstantin Simonov from Russia's Energy Security Foundation. RT: At what sort of oil price would you consider the world is heading for an oil shock? KS: I think it is only the beginning of the story, and the situation in the North part of Africa is not the end of this, as you said, revolutionary spirit. And the question is not only the situation inside, for example, Saudi Arabia, because I can’t imagine that there would be a revolution in Saudi Arabia. But if there will be the change of political regime in nearest countries so the next question will be what will be the situation with the main transportation routes. It will be possible to export oil by tankers from Saudi Arabia to other European countries, so the situation in Egypt, the situation now in Tripoli with Gaddafi is only the beginning of the story. Next it will be the revolution in Algeria, the situation in maybe not Saudi Arabia, but the nearest countries. So that is why, in my opinion, it is only the beginning of the big collapse in these Arabian countries. That is why I think that $150, it will be the price of oil, I think, during next week, but it will be not the end. Not the end because we can remember the situation in the ’73 – so called the second oil crisis – so the situation in 1973 was only the beginning when there was an embargo. There was only the beginning of the increasing of oil prices, and the increasing of oil prices was extremely high, but it was some trend, it was not during several days. So I think the price – $200/bbl or maybe more is not a pessimistic forecast.
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