Vugar Bayramov: If spread of coronavirus increases, oil price to fall even lower


March 4, Fineko/abc.az. The OPEC countries will gather for a meeting in Vienna in a few days to discuss the question of oil production cuts.

ABC.AZ was informed on the occasion by economist Vugar Bayramov who heads the Center for Economic & Social Development, when he was giving comments on the impact of the coronavirus spread on the world economy.

He noted that this meeting will have very important role for oil prices.

According to Bayramov, if the impact of the coronavirus is minimized and the OPEC countries agree on cuts of oil supplies in larger volumes, it would be naive to expect a sharp increase in the market price of black gold: "OPEC aims at the price of oil up to $60. This can be considered an acceptable price for producer and consumer countries. In this regard, if the impact of the coronavirus is minimized, then against the background of decline in OPEC production, the oil price may stabilize around $60. But if OPEC does not come to an agreement and the influence of the coronavirus spreads, the market price of oil may fall below $50."