Donald Trump openly called on Zelensky to stop strikes on diesel fuel facilities and oil refineries inside Russia. Trump spoke in the context of "there are other targets, don't touch diesel fuel" and stated that this affects the global fuel market.
Regarding the issue, MP, economist Vugar Bayramov told Modern.az:
"Currently, the price of Brent crude oil continues to rise, and 107 dollars per barrel is offered. This indicates that the world market price of oil has exceeded the psychological threshold of 100 dollars. Prices have been above this threshold for some time now. Undoubtedly, one of the main reasons for this is the events around Iran and the difficulties in the Strait of Hormuz. Because what happens in the Strait of Hormuz directly affects the oil market, oil supply and demand."
Vugar Bayramov stated that in this context, the effects of the situation in the Strait of Hormuz on the oil market are more serious and these effects are already being observed. According to him, Russia is also one of the three largest oil-producing countries in the world. Despite the restrictions on its exports, Russian oil still has certain markets. The increase in domestic demand in Russia, in turn, can affect global oil supply and cause changes in world market prices.
According to him, the impact of attacks on diesel fuel and gas stations in Russia on the global oil market is not as great as the situation in the Strait of Hormuz. However, since Russia is a major oil producer, exporter, and also consumer, changes related to oil production, refining, and domestic demand in this country do not go unnoticed in the world oil market.
"Azerbaijan is interested in ensuring stability in the region. In particular, maintaining stable and sustainable relations with neighboring countries is important for our country. In addition, the increase in oil prices in the world market also positively affects the foreign currency revenues entering Azerbaijan. Recently, we have observed both an increase in the revenues of the State Oil Fund and more foreign currency entering the country. In this regard, high oil prices mean more foreign currency revenues for Azerbaijan," the MP said.
Nicat Rustam
