Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance commented to the Sputnik radio station on the next steps of OPEC + and their impact on the world oil prices dynamics
In an interview with Radio Sputnik, Alexey Gromov, Principal Director on Energy Studies, Head of the Energy Department of the Institute for Energy and Finance said that the risks of the further pandemic’s development should be taken into account as much as possible, since any careless step could lead to a sharp drop in oil prices.
Gromov noted that revival of demand for oil and oil products will just slow down due to the second wave of COVID-19, especially in European countries.
“That is, roughly speaking, the desire of Saudi Arabia to get more revenues through sale of more oil may lead to the fact, that in the end everyone will be a loser, because we will produce more, and the price of oil will be lower. It seems to me, there is the feeling, that recovery in global oil demand will be slower than it was expected this summer, precisely because of the clearly emerging second wave of the pandemic. It will obviously lead to the fact, that full resumption of international air travel will be a much longer process than it was expected in spring and summer," he said.
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