00:00Oil prices have fluctuated tremendously during the course of these last three and a half weeks.
00:06I mean, ever since the war began, rebounding slightly today from some falls in the prices on Wednesday.
00:13But I wanted to ask you, what is it? What are the key factors and what sort of information does
00:19it take to influence a significant fluctuation in the oil price?
00:24It's like any product or any commodity. Just to tell you that the American themselves, they are studying the scenario
00:32of that the prices of the barrel will go to $200, which is a very big problem.
00:41It's a very big problem. The other issue, it is the market psychology, the lack of the products itself.
00:48Now we have to say that the petrol and gas, I mean, area of the Gulf, including Iran and Arab
00:57countries, they are producing or exporting daily about 30 to 34 percent of the international oil.
01:05You have to say also, if we add the natural gas, Iran is producing daily, sorry, not daily, it is
01:16producing 260 billion cubic meters and also 206 billion cubic meters from Qatar.
01:26So we are talking about a huge quantities. This is a very big problem.
01:33Now, if we also include that we have sanctions against Russia, which is also a major player in the petrol
01:41and gas.
01:42So we are talking about a big problem and tragedy with the prices.
01:47Now, in Europe, they have canceled 70,000 trips between Europe and Asia.
01:56The price between London and Hong Kong, it's 600 times now more, the price.
02:07So we are talking about a tragedy.
02:09So now today, the Minister of Economics, the German, he or she declared that or announced that Germany has fuel
02:21only, only for one month.
02:24So we are talking about tragedy.
02:26So we are talking about a tragedy.
02:28So we are talking about a tragedy.
02:29So we are talking about a tragedy.
02:29So we are talking about a tragedy.
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