BAKU, Azerbaijan, May 20
By Tamilla Mammadova - Trend:
The crisis caused by the coronavirus pandemic negatively affected Georgian oil products market, Trend reports referring to the Georgian Union of Petroleum Importers.
The country has significantly reduced both imports and consumption, which is confirmed by official statistics.
According to Vano Mtvralalashvili, head of the Georgian Union of Petroleum Importers, the reduction in petroleum product imports in April was due to restrictions imposed to prevent the spread of coronavirus.
“In April, car traffic was significantly reduced. In addition, quarantine, the closure of cities, and the suspension of economic activity negatively impacted the oil products market, and along with the reduction in imports, consumption also significantly decreased,” said Mtvralashvili.
“I do not expect major changes to occur in May, but the agreement of the OPEC countries on the reduction of oil production has entered into force, and this will bring certain results," he said.
According to him, the epidemic is receding, many countries are slowly opening up the economy, and this will be an additional factor that will affect prices.
"It is still difficult to say whether import will increase in Georgia. The price was low, and back in March, companies created certain stocks. What will happen in the future, at this stage, is difficult to predict,” said Mtvralashvili.
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