NEW DELHI: The oil crisis triggered by Russia’s invasion of Ukraine (which in turn was triggered by the eastward expansion of Nato), could be reaching an ominous crossroad, warns Talmiz Ahmad, former ambassador to the UAE and Riyadh.
In this chat on StratNewsGlobal, he points out that US President Biden is expected in Saudi Arabia soon to seek a substantial increase in oil production, but they may not be able to manage more than 150,000 barrels a day. So where will more capacity come from at a time when Russia, Iran and Venezuela are under US sanctions.
If Iran and Venezuela are not freed from US sanctions, then there is every likelihood that oil prices could go up to $350 a barrel from the current $120. That would be catastrophic for the world economy and major consumers of oil like India.
Tune in for more in this conversation with Ambassador Talmiz Ahmad.