13:40 - 10.03.2020

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March 10, Fineko/abc.az. The decline in oil prices will continue and that will create a big problem for exporting countries.

The above-said statement was made by Fatih Birol, Executive Director of the International Energy Agency (IEA).

"For the first time since 2009, we expect a decline in global oil demand. The reduction of oil demand and increased supply will lower oil prices. The world economy is going through very difficult period. Countries like Saudi Arabia and Russia have more resources. The resilience of these countries to the challenges of globalization will be long-lasting. However, the current price is not sustainable for these countries either. The low oil price will not last forever, but it will last for some time. Coronavirus is currently the number one problem in the world,” Birol said.

He underlined: "I don't know if the decisions taken by major oil producers will benefit them. The decisions of the countries that produce the largest amount of oil resemble the game of "Russian roulette". But I believe that those who made the right decision will win in the oil market."