MP: In what case can oil price rise?

15:39 - 6.05.2020


May 6, Fineko/abc.az. The world market price of oil exceeded the psychological threshold of $30. Today, a barrel of Brent crude is offered above $31.

ABC.AZ reports that the above-said statement was made by MP Vugar Bayramov. He linked the oil demand growth with attempts to restore the world economy.

Bayramov points out that the president of the U.S., considered the world's leading center of economic power, insists that the U.S. should reopen its economy, despite the Trump administration privately predicts a steady increase in the number of coronavirus cases and deaths over the next few weeks:

"This was reported by Bloomberg. If restrictions are lifted in the U.S. and EU economies, the energy demand will grow again. In this case we can observe gradual growth of demand for oil, especially if the old continent will resume operating of its economy and resume its flights within the country. Certainly, if the restrictions in the economy are not eliminated, the demand for ‘black gold’ will decrease again. In any case, world oil prices will depend directly on the time when the leading countries will finally lift social isolation measures."

 

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