More than a British newspaper published on Friday tracked the rise in oil prices to its highest level since 2014, accompanied by higher prices for other metals, such as aluminum and nickel.
The Daily Telegraph, written by Andy Crichlow, said Saudi Arabia’s desire for oil prices to reach $ 100 a barrel raised the risk of speculation in world markets.
The writer says that Saudi Arabia needs such a high price to cover the expenses of economic reforms and the war in Yemen, but “this strategy brings great risks to the markets that prepare,” as he put it.
The writer attributed the reasons for the rise in prices to the unprecedented cooperation between Saudi Arabia and Russia, as well as the group of other oil producing countries, which has cut global crude supplies to 1.8 million bpd since January.
Russia also believes that a price of more than $ 100 a barrel is necessary to counter its economic malaise and to avoid a slow and painful economic bottleneck caused by economic sanctions imposed by the West.
The writer speaks of the fear of Western countries of this congruence of interests between Saudi Arabia and Russia, pointing out that, despite the expectations of many experts on the lack of continuity of the alliance between the two oil giants in the light of the failure of previous experiments, their cooperation seemed continuous despite the completion of the task of reducing production and raise Oil prices.
He believes that this foreshadows a new “indefinite energy alliance” that controls almost half of the world’s oil supply, which will bring oil back to more than $ 100 a barrel, which will serve the interests of both sides.