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Araz Agalarov: Oil will never return to its former high price

08.04.2020,12:22


April 8, Fineko/abc.az. The reduction of the cost of oil to $10 does not look convincing.

ABC.AZ reports that such a statement was made for newspaper Komsomolskaya Pravda by Araz Agalarov, an Azerbaijani businessman who lives in Russia and owner of Crocus company.

According to the businessman, the price of oil always revolves around gold. Agalarov noted that many years ago, when the price of oil was $1, a gram of gold was worth $1: "That is why it is clear that even now the average annual price for oil - by year - it will also fluctuate - plus or minus - around a gram of gold. Yes, if to take the Arab countries - dollars, dinars – this is all conditional for them. They also keep their wealth in gold. The price of gold fluctuates around $50 per gram, so the average annual price of oil should also be $50."

Agalarov also noted that oil will never return to the high price as before, and this is linked with alternative energy.