$200-300 oil if unrest spreads to Saudi Arabia says Sheikh Yamani « ArabianMoney

Former Saudi oil minister from the 1970s, Sheikh Ahmed Zaki Yamani told Reuters that oil prices would explode to $200 to $300 a barrel if regional unrest spreads to Saudi Arabia.

‘If something happens in Saudi Arabia it will go to $200 to $300,’ he said. ‘I don’t expect this for the time being, but who would have expected Tunisia?’

The comment by the one-time controller of the world’s major oil supplier is bound to send a shiver up the spine of consumers now facing the highest petrol prices ever. But doubtless stock markets will ignore it as they have spiralling energy costs across the world.