The Oil Guru

In an interview with Newsweek Middle East, international oil expert and World Bank Consultant Dr. Mamdouh Salameh expected crude prices to reach $60 per barrel by this year’s end or as early as next year, before rising to $70/barrel in 2017.

According to Salameh, Saudi Arabia’s past policy of flooding the oil market with supply has not only cost two oil ministers (Zaki Yamani and Ali Al Noaimi) their jobs, but also made the Kingdom lose nearly $166 billion in revenues from excess oil prices in one year.

More in the interview:

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