The Egyptian economic researcher, Ahmed Saeed, expected a resounding collapse of the dollar after the inflation that occurred in America, with expectations of a significant rise in global oil prices.
The Egyptian researcher indicated in statements to RT that “the inflation in America and the West today is expected to increase with indications that a barrel of oil will reach one hundred dollars, and this means that there will be a 30% reduction in the value of the dollar. When the price of a barrel of oil rises from $75 to $100, it means a multiplication.” dollar.”
And he continued: “Until the day before yesterday, the dollar was used in international transactions mainly for the pricing of oil, and since the “OPEC” countries departed from oil pricing and departed from the quantities imposed by America on each country, what will happen is that each country will start exporting in its local currency and we link this In the latest study conducted by Bloomberg on yuan trading in the Russian market, we find that the yuan trading rate exceeded last March over dollar trading, and this is happening for the first time in Russia by more than 60%, meaning 60% yuan to 40% dollars, and this confirms the trend between Russia, China and India to deal in the local currency.
The economic analyst expected that the price of a barrel of oil would rise next summer with the erosion of the volume of oil reserves in the West, noting that the price is now $100 before the increase in demand and with the increase in the volume of consumption in the summer.
The Egyptian researcher explained that with regard to Egypt, this will have a positive impact on it, as in 2022 Egypt would have declared self-sufficiency in oil, but in light of the economic turmoil, this was not announced, as Egypt will increase its gains in selling oil and other derivatives by 25% with an increase Prices, pointing out that with the beginning of major countries ignoring the use of the dollar, global pressure on its use will ease, and therefore there will be more of it and relieve pressure on Egypt.
This article was originally published by RT.