Saturday, 23 October 2021

Egyptian billionaire: Buffett is wrong, oil will hit $100 within 18 months

REUTERS / David Mdzinarishvili

CAIRO: Oil could hit $100 per barrel within the next 18 months, Egyptian billionaire Naguib Sawiris told CNBC – a hard pill to swallow with Brent currently trading below $30 per barrel.

Sawiris, chairman of one of Egypt’s largest companies, Orascom Telecom Media and Technology Holding S.A.E., is Egypt’s second-richest man and has a net worth somewhere between $3 billion and $7.5 billion. It’s hard to pin down because net worth is a (downward) moving target these days.

Sawiris told CNBC that he would buy airline stocks. At the same time, Warren Buffett’s Berkshire Hathaway dumped all of its airline holdings after losing nearly $50 billion in Q1. The selloff hit the airlines hard.

Sawiris not only talked up investing in oil, which he said could reach $100 per barrel but spoke out to CNBC against Saudi Arabia and Russia, who Sawiris alleges were trying to kill off the US shale industry. Sawiris also told the network that he supported US President Donald Trump’s plan to reopen the American economy.

“They might not find the cure, they might not find the vaccine, so how long are we going to be in prison in our homes?” Sawiris asked.

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