Engineer Osama Kamal, former Minister of Petroleum and head of the Energy Committee in the Senate, said that there are expectations of oil prices rising again, noting that as soon as facts are announced and the actual extent of damage is revealed, prices will rise again to fluctuate between $90 and $100 for at least a year, unless the damage is light and facilities return to work quickly.
Engineer Osama Kamal added, during a phone call with journalist Ahmed Moussa on the program "On My Responsibility" broadcast on Sada El Balad channel, that Gulf exports may decline to between 16 and 18 million barrels per day instead of 24 million barrels, expecting that repair operations for affected facilities will take no less than a year and a half.
Engineer Osama Kamal pointed out that talking about market stability and building decisions on the current decline is unrealistic at the present time, citing the recent statement by US President Donald Trump who threatened to strike "on the head" if there were no serious steps, reflecting the difficulty of the situation and the continuation of political and military tensions.
