It can be of importance for the oil and gasoline prices in Denmark, two major oil facility in eastern Saudi Arabia was hit by the drone strikes Saturday.
so says the chief economist in Nordea, Helge J. Pedersen, which, however, will not put dollars and cents on the the increase.
- It is quite a significant setback in production, which we are going to see in the short term, and it could get a pricing here in the beginning of the week, he says.
When he did not want to guess on the specific amount, due to the fact that the oil price is structurally slowing.
- It is as a result of both lower oil demand and a slowdown, as we have seen in the world economy.
- But this can give rise to oil price increases with some dollar per barrel, maybe more. It is completely safe, although it is difficult to say more sounds.
Early Saturday morning was the huge oil facilities in flames. In a press release to disclose the state oil company Saudi Aramco, that the attacks have destroyed half of Saudi Arabia's oil production.
Aramco writes that the production has been reduced by 5.7 million barrels of crude oil per day.
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Helge J. Pedersen explains that the price of oil can be stabilized, if other countries screws up their production.
- That the oil price rises could increase the incentive for other countries, which has extra capacity to give, so they can earn a little extra to fill the gap.
Countries can increase their production in order both to get the win, but also to stabilize oil prices, he explains.
Opec (Organization of petroleum exporting Countries) is an organization consisting of 14 countries, which have in common the fact that their economy is influenced significantly by oil exports.
- the Opec countries have reduced their oil production to stabilise the oil price, as at the global level, there is a possibility that you can increase production, if it becomes necessary, now that Saudi Arabia's production falls back, says Helge J. Pedersen.
