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The guru who predicted the oil crash in 2020

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Many remember the Saudi sheik, Ahmed Zaki Yamani, just now that the oil market is suffering one of its most complicated moments in history. The coronavirus crisis has hasty demand of crude oil at unknown levels that this week went negative for the first time. The prophecy of the one who was Saudi Arabian Oil Minister From 1962 to 1986, it has been done to the millimeter, since in 2000 it stated that crude oil would end up disappearing or practically becoming useless in 20 years. “data-reactid =” 32 “> Many remember the Saudi sheik, Ahmed Zaki Yamani, just now that the oil market is suffering one of its most complicated moments in history. The coronavirus crisis has hasty demand of crude oil at unknown levels that this week went negative for the first time. The prophecy of the one who was Saudi Arabian Oil Minister From 1962 to 1986, it has been done to the millimeter, since in 2000 it stated that crude oil would end up disappearing or practically becoming useless in 20 years.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Considered as the ghistorical urú of black goldThe sheik, now 89 years old, has lived through the most splendid and tense stages of this energy source, and he did it with a maxim that cost him many enemies. He was the main actor in the 1973 oil crisis and he suffered two assassination attempts to defend, among other reasons, what others did not reject: a drop in the price of a barrel. Criticism towards Yemeni and Saudi Arabia They were constant since a lower price allowed the country to maintain a high market share and, according to his theory, would slow the development of alternative energy sources that would reduce world demand for crude. That was his biggest fear, the negative reaction of a market with rising prices that proliferate other energy sources such as natural gas. This fact, according to Yamani, would end up devaluing the oil. In this way, a phrase that brilliantly defines his vision is attributed to him: “The Stone Age did not end because we ran out of stones. ““data-reactid =” 33 “> Considered as the ghistorical urú of black goldThe sheik, now 89 years old, has lived through the most splendid and tense stages of this energy source, and he did it with a maxim that cost him many enemies. He was the main actor in the 1973 oil crisis and he suffered two assassination attempts to defend, among other reasons, what others did not reject: a drop in the price of a barrel. Criticism towards Yemeni and Saudi Arabia They were constant since a lower price allowed the country to maintain a high market share and, according to his theory, would slow the development of alternative energy sources that would reduce world demand for crude. That was his biggest fear, the negative reaction of a market with rising prices that proliferate other energy sources such as natural gas. This fact, according to Yamani, would end up devaluing the oil. In this way, a phrase that brilliantly defines his vision is attributed to him: “The Stone Age did not end because we ran out of stones. “

Oil extraction in New Mexico, USA (Getty Images)

Oil extraction in New Mexico, USA (Getty Images)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "With the entry of the new millennium, the prices of Crude oil were out of control (over $ 30 a barrel) in what was one of the most glorious moments for the ruling shortstop of the Organization of the Petroleum Exporting Countries (OPEC). It was then that the retired Yamani predicted that those siren songs would end up taking its toll 20 years later and that the crude reserves would not be exploited due to lack of demand. He spoke of the end of the oil age. “data-reactid =” 54 “> With the entry of the new millennium, crude oil prices were spinning out of control (more than $ 30 a barrel) in what was one of the most glorious moments for the ruling short-term leaders of the Organization of the Petroleum Exporting Countries (OPEC). It was then that the retired Yamani predicted that those siren songs would end up taking its toll 20 years later and that the crude reserves would not be exploited due to lack of demand. He spoke of the end of the oil age.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" OPEC has very little memory. It will pay a high price for not acting in 1999 to control oil prices. Now its too lateYamani told Reuters in 2000. “data-reactid =” 55 “>” OPEC has very little memory. It will pay a high price for not acting in 1999 to control oil prices. Now its too lateYamani told Reuters in 2000.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Your forecast did not end there, as it also claimed categorically that 20 years later, that is, today, the technology would have deeply undermined the demand for fuel in transport, and he ventured to predict that the Crude value would drop at single digit prices similar to those experienced in 1998 due to market saturation. At that time the fall was from a 40 percentNow the US barrel of production, West Texas Intermediate (WTI), has plummeted from $ 63.27 on January 6 to -37.63 on April 20. The OPEC man lost a 20 percent of its value and Brent, 37 percent, during the same period. “data-reactid =” 56 “> His forecast did not end there, as he also stated categorically that 20 years later, that is, today, technology would have deeply undermined the demand for transport fuel, and he ventured to predict that the Crude value would drop at single digit prices similar to those experienced in 1998 due to market saturation. At that time the fall was from a 40 percentNow the US barrel of production, West Texas Intermediate (WTI), has plummeted from $ 63.27 on January 6 to -37.63 on April 20. The OPEC man lost a 20 percent of its value and Brent, 37 percent, during the same period.

Oil extraction in Russia. (Getty Images) Oil extraction in Russia. (Getty Images)

Oil extraction in Russia. (Getty Images)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "“ The scare of this year's oil prices year will feed non-OPEC production, will suppress demand and, more dangerously for the cartel, will fuel new fuel technology, "Yamani continued in that interview in which he also pointed out that there would be a “Hybrid engineering for automobiles with hydrogenated fuel cells that will dramatically cut gasoline consumption, while new big discoveries will boost crude flows from non-OPEC nations. Technology is a real enemy for OPECwill reduce consumption and increase production in non-OPEC areas, “he said.” data-reactid = “77”> “This year’s oil price scare will fuel non-OPEC production, suppress demand and , more dangerously for the cartel, will feed the new fuel technology “, Yamani continued in that interview in which he also pointed out that there would be a “Hybrid engineering for automobiles with hydrogenated fuel cells that will dramatically cut gasoline consumption, while new big discoveries will boost crude flows from non-OPEC nations. Technology is a real enemy for OPEC, will reduce consumption and increase production in areas outside OPEC, “he said.

His fear that large oil reserves would be piled up without being able to be located in the market has been fulfilled.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" The real victims will be countries like Saudi Arabia with huge reserves with which they can do nothing. Oil will stay on earth forever. “” Data-reactid = “83”> “The real victims will be countries like Saudi Arabia with huge reserves with which they can do nothing. Oil will stay on earth forever. ”

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Yamani could never predict that his projection would come true because of a pandemic like the one we are experiencing. Its weight in the world of crude oil He was total for more than 30 years and is possibly the greatest sage that exists in this regard. Saudi Arabia has historically been the world leader in oil production, until a few years ago USA he advanced with a technological proposal, fracking, with which it has launched numerous fields that have guaranteed its self-sufficiency in crude oil. However, it will experience stratospheric losses along with other oil-dependent economies such as Venezuela, Iran, Russia, Iraq or Yamani’s own Arabia, the wise man who predicted the explosion of the oil bubble that is coming true. “data-reactid =” 84 “> Yamani could never predict that his projection would come true because of a pandemic like the one we are experiencing. Its weight in the world of crude oil He was total for more than 30 years and is possibly the greatest sage that exists in this regard. Saudi Arabia has historically been the world leader in oil production, until a few years ago USA he advanced with a technological proposal, fracking, with which it has launched numerous fields that have guaranteed its self-sufficiency in crude oil. However, it will experience stratospheric losses along with other oil-dependent economies such as Venezuela, Iran, Russia, Iraq or Yamani’s own Arabia, the wise man who predicted the explosion of the oil bubble that is being fulfilled.

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