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Why don’t the oil price increases stop?

Oil expert Kamel Al-Harami said there are not enough refining capacities to meet the growing demand for oil, which is causing fuel prices to rise.

Al-Harami stated in an interview with Al-Arabiya that oil company owners do not want to invest more in the oil sector, because the US administration had previously refused to grant licenses to invest in shale oil.

Al-Harami indicated that it is possible that Russia will not increase its oil production, with expectations of a reduction, which will increase the shortage of supplies and lead to an increase in the price of the barrel.

He added that major investment banks expect the price of a barrel of oil to reach $ 175.

Al-Harami indicated that the oil market suffers from a lack of refining capacity in excess and shortage of supply, while American oil companies are not considering increasing production as current prices are favorable for them.

Al-Harami believes that economic depression is the solution to the crisis of high demand and lack of oil supply.

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