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بوابة أخبار اليوم
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Impact of US-Iran conflict explored
Economic expert Dr. Faraj Abdullah confirmed that the tension between the United States and Iran has intensified the energy crisis Europe has been suffering from, which began with the outbreak of the Russia-Ukraine war. He explained that the United States exploited the decrease in oil prices following the COVID-19 pandemic to build a large strategic reserve, then selling it off to make profits as prices rose, especially since the cost of producing American oil exceeds $60 per barrel. He pointed out that the effects of these economic tensions do not subside quickly and usually take about six months until markets stabilize and prices balance. He also mentioned that Europe has been working for the past three years on projects to strengthen alternative energy sources, such as electricity interconnection with Egypt and supply lines across the Mediterranean, but these are still in progress.
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