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Industry and Energy

Industry and Energy

Oil could hit $200-$300 if turmoil in Saudi-Yamani

05 April 2011 14:43 (UTC +04:00)

Baku - APA-Economics. Oil prices could leap to $200 to $300 a barrel if Saudi Arabia is hit by serious political unrest, former Saudi oil minister Sheikh Zaki Yamani told Reuters on Tuesday.

"If something happens in Saudi Arabia it will go to $200 to $300," he said.

"I don’t expect this for the time being, but who would have expected Tunisia?" he added.

Asked whether the United States was likely to succeed in cutting its dependence on Saudi oil, he said: "From the 1950s, American presidents have been saying this."

U.S. President Barack Obama last week proposed to cut oil imports by a third over 10 years.

İDMAN XƏBƏR

Industry and Energy

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