Politics

​Egyptian billionaire: “Oil price will hit $100”

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“I actually believe that 18 months from now oil will hit $100,” Orascom Investment Holding Chairman and CEO Naguib Sawiris told CNBC.

Sawiris said the price war between de facto OPEC leader Saudi Arabia and Russia was a “calculated” effort to kill the shale industry in the United States, and that the Saudis got it right on oil in the long term.

“I think it was calculated,” he said. “I think they knew that this was going to happen, and they still wanted to do it because, by killing a competitor, the price will rise beyond 50 or 60 dollars.”

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