In his opinion, Saudi Arabia and Russia deliberately started a price war in order to oust the American shale industry from the market.
He claims that Riyadh and Moscow were aware of the impending drop in prices and exacerbated the situation in order to “kill the competitor” and reach figures of $ 50-60.
“I really believe that in 18 months oil will reach $ 100,” said Saviris.
Earlier, Russian leader Vladimir Putin said that in recent months, both national and global energy have faced serious shocks.
In early March, oil quotes collapsed amid falling demand due to the coronavirus pandemic, as well as after the collapse of the OPEC + deal.