Economist Ali Al-Sulh commented on rising oil and gas prices in global markets. He anticipates continued oil price increases. This is due to ongoing regional developments. The closure of the Strait of Hormuz is a specific factor. This closure disrupts oil transportation through the strait.
Al-Sulh clarified in special statements to the “Fawasel” platform. The rise in oil and derivatives prices is not linked to increased global demand. It is primarily due to political tensions. He cited the political conditions in the Middle East.
He believes Libya could benefit from these price increases. This could lead to a rise in the value of oil revenues.
However, Al-Sulh noted a limitation. Libya currently lacks the full capacity to meet any significant increase in oil demand. This is due to the need for infrastructure development in the oil sector. Storage capacities for refineries and oil derivatives also require enhancement.