Oil could hit $200-$300 on Saudi unrest-Yamani

Tuesday, April 5, 2011
By Paul Martin

By Emma Farge
Reuters.com
Tue Apr 5, 2011

LONDON, April 5 (Reuters) – Oil prices could rocket to $200- $300 a barrel if the world’s top crude exporter Saudi Arabia is hit by serious political unrest, former Saudi oil minister Sheikh Zaki Yamani told Reuters on Tuesday.

Yamani said he saw no immediate sign of further trouble following protests last month calling for political reforms but said that underlying discontent remained unresolved.

“If something happens in Saudi Arabia it will go to $200 to $300. I don’t expect this for the time being, but who would have expected Tunisia?” Yamani told Reuters on the sidelines of a conference of the Centre for Global Energy Studies (CGES) which he chairs.

“The political events that took place are there and we don’t expect them to finish. I think there are some surprises on the horizon,” he said in a speech.

Saudi King Abdullah offered $93 billion in handouts in March in an effort to stave off unrest rocking the Arab world.

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