OPEC+ countries expected to adjust future plans at upcoming meeting - analyst
BAKU, Azerbaijan, Nov. 29
By Sadraddin Aghjayev - Trend:
Further plans are expected to be adjusted at the upcoming OPEC+ meeting [on December 2], Deputy Director of the International Institute for Energy Policy and Diplomacy under Moscow State University of International Relations (MGIMO), analyst of the MGIMO Center for Sustainable Development, Igbal Guliyev told Trend.
"Now there is a sharp drop in prices on the petrochemical market. At the next OPEC + meeting, the primary plans will be adjusted, because we already now can forecast that from January through February there will be an oversupply of oil on the market," Guliyev said.
Speaking about the sharp drop in oil prices, he stressed that this was influenced by news of a new type of coronavirus from Africa, which could lead to restrictive measures.
"If such additional restrictive measures are introduced, this will certainly affect the demand for fuel and as a result once again affect prices. As for Azerbaijan, the drop in oil prices isn’t likely to somehow affect its economy, because this isn’t a long-term phenomenon. Azerbaijan will be guided by the decisions of OPEC +," Guliyev said.
According to the latest data, the price of Azeri Light oil based on CIF in the Italian port of Augusta decreased by $8.91 compared to the previous figure and amounted to $73.91 per barrel, and for Azeri Light it dropped by $8.86 dollars, from $73.22 per barrel.