Posted on: Monday, October 25, 2021 – 12:22 AM | Last update: Monday, October 25, 2021 – 12:24 am
The political thinker, Dr. Abdel Moneim Saeed, a member of the Senate, said that the issue of energy is linked to the law of supply and demand and its cycles, explaining that the great economic crisis that the world witnessed in 2008 was linked to the decline in oil prices and then their rise again.
Saeed added, during an interview with the “Al-Mashhad” program, broadcast on the “TeN” satellite channel, on Sunday evening, that the price of a barrel of oil after the exit from the economic crisis reached 120 dollars, pointing out that it decreased after 2015; Because of the oversupply and the decreasing demand for oil and energy.
He noted that the world has been paralyzed for a year and a half; Because of the Corona pandemic, it has led to an energy crisis, saying that part of that crisis is good news that the world is recovering again and increasing demand.
The senator indicated that the demand curve will increase during the coming period, continuing: “I think that Egypt is one of the beneficiaries of the global energy crisis because we are energy producers, and companies when they are an essential part of supply and demand, it increases the exploratory efforts in the world to search for new areas.”
He stated that this leads to an increase in the demand for oil and gas exploration in Egypt, especially with the increase in investments in this field over the past years, stressing at the same time that this does not mean that it affects prices globally.