The expert warns of a possible rise in oil prices to $120-130 per barrel due to supply shortages

A severe crisis could trigger an increase in world oil prices. Igor Yushkov, an expert from the Financial University under the Government of the Russian Federation and the National Energy Security Fund, shared his forecasts with NSN journalists.

According to him, the global oil market is teetering on the brink of an acute shortage. “Since March, there have been no full supplies of oil and petroleum products from the Middle East. Now the world is eating through strategic reserves. The balances in strategic oil storage facilities are at the 1982 level,” the specialist noted.

This situation, he believes, creates nervousness in the market. As the world's strategic oil reserves dwindle, commodity prices may continue to rise. At the same time, the situation with petroleum products remains even more tense due to their limited shelf life.

The situation on the global market may also be complicated by the Houthi attack on the Saudi East-West oil pipeline. If its restoration takes several weeks, the supply shortage could worsen. In this case, the price of oil could rise to $120-130 per barrel, Yushkov is convinced.