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No telling how high oil price could go if Saudi oil attacks continue - economist

16 September 2019 11:25 AM
Tags:
Economy
Saudi Arabia
Petrol price
Oil
oil price
global market
oil attacks

Economist Dr Azar Jammine says it's premature to predict how much the attacks could affect the petrol price in South Africa.

Oil prices reached their highest level in nearly four months on Sunday night after the attack on Saudi oil facilities over the weekend.

The attack knocked out over half of the Kingdom’s production and erased almost all the spare capacity available to compensate for any major disruption in oil supplies worldwide.

US President Donald Trump has authorised the release of US oil reserves following the drone attacks, claimed Yemen's Iran-aligned Houthi rebel group.

Economist Dr Azar Jammine says it's premature to predict how much the attacks could affect the petrol price in South Africa.

If the attacks are sustained, he says, South Africa could see an increase in petrol prices, inflation and even interest rates.

At this stage, it's too early to judge... We don't know where we are going to end up.

Dr Azar Jammine, Chief Economist at Econometrix

If the attacks continue, then we have an issue and there's no telling how high the oil price will go and how high the petrol price will go.

Dr Azar Jammine, Chief Economist at Econometrix

Meanwhile, terrorism expert Jasmine Opperman says the attacks will further the fuel the power battle between Saudi Arabia and Iran.

Sadly, the people in Yemen who are already suffering in hell are going to suffer the brunt of what is happening.

Jasmine Opperman, Independent terrorism expert

Listen to the analysis on Today with Kieno Kammies:


16 September 2019 11:25 AM
Tags:
Economy
Saudi Arabia
Petrol price
Oil
oil price
global market
oil attacks

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