Politics

Saudi Prince predicted Russia’s withdrawal from the market of petroleum products

Saudi Prince predicted Russia’s withdrawal from the market of petroleum products

First Deputy Prime Minister of Saudi Arabia, crown Prince Mohammed bin Salman al Saud believes that Russia can seriously reduce oil production or even completely disappear from the market of hydrocarbons “in nineteen years.” He told this in an interview with Bloomberg, reports Deutsche Welle.

Al Saud predicted that the demand for black gold will continue to grow until 2030 “more than one percent, from 1 to 1.5 percent, and possibly more.”

This will be accompanied by the departure of a number of manufacturers, including Russia and China, said Deputy Prime Minister.

In addition, the Saudi Prince has predicted a possible withdrawal of China from world market of oil after about five years.

Amid growing demand and outflow from the market of a number of other players “Saudi Arabia will need in the future to increase shipments,” he predicted, adding that he sees no threat in connection with the growing production volumes of electric vehicles.

“Today, nobody is talking about planes flying into the electricity, or ships traveling in the sea by means of electricity”, — said the Agency interlocutor.

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