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Abdul Aziz al-Muqbel, a Saudi energy expert, said many overlapping factors were controlling oil prices and that recent tensions were not as impressive as some had expected.
He added in special statements to Sputnik that the factors affecting the oil industry are that the dynamics of supply and demand has changed dramatically over the past decade and that oil sources are multiple and are not limited to the Middle East.
He pointed out that the oil industry is balanced between supply and demand developments, especially given the large demand in China, India and emerging markets, as well as growing demand for oil and gas. Europe and the United States of America.
He added that factors outside the oil industry were geopolitical factors and what was happening in their orbit. He noted that over the last five years, the market had remained full, which was reflected in the price interaction in the same way as during the oil shortage before the last ten years.
He explained that the price interaction may take a while, given the uncertainty prevailing in the global economy, but that price developments remain positive, but that the tensions in the region do not directly affect the price of oil at the present time, under the control of many determinants. this subject.
He pointed out that the price decline last weekend, linked to many economic and negative factors in the financial and corporate markets, to weak demand in the global market and negative in the Chinese markets.
According to Reuters, oil prices rose on Monday amid rising tensions in the Middle East after the Iranian army held a British oil tanker a few days ago.
Futures contracts on Brent rose 51 cents, or 0.8%, to $ 62.98 a barrel, after touching $ 63.47 earlier.
The West Texas Mercantile Exchange's US crude futures price rose 15 cents, or 0.3%, to $ 55.78.
US crude dropped more than 7% and Brent more than 6% last week.
The Iranian Revolutionary Guards reported seizing a British flag-bearer in the Gulf after British forces seized an Iranian tanker earlier in July, which heightened the tension on the transportation route required for the transport of the Iranian tanker. gross.
Britain is considering measures to address the airline crisis and appears to have few options while a record has shown that the Iranian military had ignored a British warship during his landing aboard the carrier three days ago.
The office of British Prime Minister Teresa Mae announced that she would chair a meeting of the government's emergency committee this morning to discuss the crisis.
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