Will the Fuels' Prices Go Up after the Saudi Arabian Refinery Attacks?

Business | September 17, 2019, Tuesday // 11:40
Bulgaria: Will the Fuels' Prices Go Up after the Saudi Arabian Refinery Attacks? www.pixabay.com

Oil prices skyrocketed due to attacks on Saudi refineries. The increase is the largest in the last 30 years.

"The situation is currently extraordinary for the oil market. I have been dealing with fuels for 10 years and I have never seen situation like this one before. The rise in price is over 12-15% overnight. With just one drone attack, about 5% of world oil production was destroyed. And it is still unclear how long it will take to be restored, " Svetoslav Benchev, of the Bulgarian Oil and Gas Association said, for ” Hello, Bulgaria ".

Saudi experts say they promise to restore at least half of the affected installations within days. However, it is unclear whether this will happen.

Benchev believes there will be an increase in fuel prices at gas stations. “It is difficult for me to predict with how much. If there is anything, it will be within a few stotinki," the expert said.

"These installations are seen to be risky, easily impacted and dismantled. This will be a risk that will be further calculated in the prices of crude oil from now on, " Benchev commented.

Concerning the likelihood of a conflict between the US and Iran, the expert believes that this will not happen.

"If it does, it will be the worst scenario for everyone, including the global economy. It will result in prices of over $ 100 per barrel. No one is interested, it will lead to recession, " Benchev said.

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Tags: fuels, prices, Saudi Arabia, refinery, attack, US, Iran, Svetoslav Benchev, Svetoslav Benchev, Bulgarian Oil and Gas Association
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