KUWAIT -- Sheikh Fahad Al-Daoud, an expert in oil strategies, said the Syrian crisis will "strongly overshadow the oil prices," expecting rise to USD 140 pb in case the attack was confined to Syria. "But if the action expands, the price will reach USD 200 pb." In case the military strikes on Syria proceeded for more than month, the crude prices will jump to higher levels, supplies and reserves will be affected and the demand will grow dramatically due to the deep concerns resulting from the war.
Dr. Talal Al-Bethali, an academic professor and oil expert, expressed his belief that the prices would not rise more than USD 10 pb barrel due to the fact that Syria was not a a key oil-producing country. "But if shrapnel of the war spill over to Iraq and Turkey and the Arabian Gulf and Iran the prices of the oil may jump to USD 200 pb," he cautioned, also noting that Western officials have indicated that the military action would not last for a long time.
He concurred with the other experts that now while the market is gripped with jitters, the speculations have gained heat and alluded the rise of the prices earlier this week to the tense conditions.
The Arabian Gulf region remains the "the key of the prices" due to the fact that the regional producing countries possess bulk of the world's oil, in terms of output and reserves.
Oil prices jumped on Wednesday to more than USD 111 pb. (end) uj.rk KUNA 291807 Aug 13NNNN