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An Iraqi expert expects a big jump in oil prices in July

Energy expert, Furat Al-Mousawi, expected, on Sunday, that the price of a barrel of oil will reach 40 dollars in next July.

Moussawi told “Shafaq News” that “oil prices are unstable and unstable, as they depend on several economic variables such as the increase in energy demand in the world as a result of easing the comprehensive ban and turning it into a partial ban, which led to the start of simple movement and commercial and industrial movement.”

He added that “there are variables that contributed to the rise in oil prices and reaching $ 30 per barrel, which is an additional reduction in production by Saudi Arabia, equivalent to one million barrels per day, and also followed by Kuwait and the UAE as a contribution to the reduction, all of these matters led to an increase and improvement in oil prices.”

Moussawi pointed out that “oil prices will improve and reach 40 dollars in the month of July with the improvement of the epidemiological situation in the world and the decrease in the incidence of Corona virus with increasing demand for energy. Source