Sky News confirmed in a hurry news that oil futures continue to gain and Brent crude rises two dollars or by 10%.
And earlier, Eng. Osama Kamal, the former Minister of Petroleum, said that there are 3 stock exchanges for crude oil in the world, and these focuses that determine oil prices, and oil consumption before Corona was large, and the imbalance in supply and demand led to a decrease in the price of oil and consumption reached 60 million barrels On the day, it was agreed in the OPEC to reduce the production rate to 10%, and what happened is that the Brent Stock Exchange terminated the futures contracts a while ago, and began operating in June contracts.
The former Minister of Petroleum, during a telephone conversation with the media Amr Adib, added to the “Story” program that the collapse that is taking place now in the American oil market will continue until the start of new contracts, which may reach prices of $ 40, noting that in the midst of the current crisis not Those with oil can sell, especially since all countries have stored oil ore, including Egypt, explaining that indicators say that the percentage of gasoline and diesel consumption is 25% lower in Egypt.
The former Minister of Petroleum pointed out that the water bottle has become more expensive today than a barrel of oil, but it is a matter that will end at the end of tomorrow’s work day in the crude oil stock exchanges, noting that the percentage that is imported from abroad was bought at prices that are less than its price, and this is a positive thing. The negative is that the American research companies will reduce their investments in other regions, and this may affect Egypt after the next 3 years.
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