Saudi Arabia warns of ‘unimaginably high’ oil prices
New Delhi: Saudi Arabia has warned that in the event of no action been taken against Iran, there will be a disruption of energy supplies with oil prices jumping to “unimaginably high numbers.”
The Kingdom’s Crown Prince Mohammad bin Salman, in an interview to CBS television channel, said “If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests. Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven’t seen in our lifetimes.”
Automobile fuel prices in India have been rising. With India being the world’s third largest oil importer, a record gain in crude oil prices could also aggravate India’s fiscal situation and make it tougher for the government and the central bank to effectively combat a slowdown in economic growth.
