Oil prices have soared yesterday since 2008, amid reports that the US and the EU are considering banning oil imports from Russia, as well as the delay in returning Iranian oil to international commodity markets. Brent crude even reached $ 130 a barrel during the day.
The surge in oil prices has sparked a wave of speculation about the sequel, and some economists have made gloomy forecasts about it.
Thus, for example, in J.P. Bank.
Morgan Chase said the price of the barrel will reach $ 185.
Dr. Amit Moore, a lecturer at the School of Sustainability at Reichman University and an expert in the energy market, says in an interview with Israel Today that "Putin is holding the weapon of economic doomsday in his hands, and he will decide whether to use it.
It could lead the world to a deep economic crisis, reminiscent of the 1974 post-Yom Kippur War following the embargo on OPEC countries' oil production. "He is the man who decides on this, and in his hands is the switch to the future of the world economy."
According to Dr. Moore, the economic effects of the war in Ukraine are now clearly felt: "Each refueler is already paying the 'Putin fine', in the amount of 35 cents per liter of gasoline, ie between 15 and 20 shekels per refueling.
If gasoline prices were set today, the price of a liter would already be close to eight shekels. "
"Moore describes the economic sanctions imposed on Russia as 'effective.' "Putin could lead to a huge crisis by reducing oil exports. Russia exports about 5 million barrels a day out of the 100 million the world needs. It is enough for Putin to reduce Russian oil exports by a million or two, and there will be a very sharp rise. At the price of oil, which will lead to high inflation and a severe global recession. "
"Europe could be harmed"
Moore adds that Europe is in a sensitive situation vis-à-vis Russia.
He said Putin could reduce gas supplies to Europe if he so decided - a move he had already made in August-September 2021, which had contributed to Europe's energy crisis: gas prices had risen tenfold and broken records.
Europe has increased the use of coal and oil for industry and heating, and coal prices have also risen.
"If gas supplies to Europe are reduced, it will create a crisis that could create a shortage of electricity, people will freeze cold at the height of winter, and factories on the continent may close. In the coming months Europe will increase liquefied gas imports from the U.S. , But this is a limited substitute.
In the medium and long term, the blow that Europe has received will accelerate renewable energy, re-weigh nuclear energy and increase the means of conserving energy savings. "
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