The experts confirmed in separate interviews with KUNA, that geopolitical events are still the main reason for the rise in oil prices and all concur that development in these events might cause a hike in prices to the USD 140 pb levels.
The wave of tornadoes that are taking place in the United States, expected to be the worst in years, may also be a factor in the rise of prices, over the medium range term, particularly in the events of closure of oil factories and the disruption of supply to markets.
However, Kuwaiti economy expert Hajjaj Bukhadhour predicted that oil prices would not exceed the USD 120 barrier, especially if current developments and geopolitical conditions stayed the same.
Bukhadhour added that current prices are being affected by geopolitical events in the Middle East, in addition to a wave of tornadoes that swept the United States of America.
For his part, Jamal Al-Gharabali, Kuwaiti oil expert, said that "it is possible that prices would reach the USD 130-40 pb range, in light of developments in Syria and the Iranian situation, especially after recent Iranian statements of linking security in Syria to its own security."
Al-Gharabali, also predicted that geopolitical events will change in the upcoming period, but stressed keenness by the producing and consuming countries to maintain prices at current levels.
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