Belarusian professor: World oil market will grow by 2035 due to rapidly developing countries - COMMENT

Baku. 26 July. REPORT.AZ / The world oil market will grow at least until 2035 thanks to China, India and other rapidly developing countries.

Report was told by Dean of the Economics Faculty of the Belarusian State University, Professor Mikhail Kovalev.

“65% of oil is consumed by cars. Programs for replacing them with electric vehicles will slow down the growth in demand for oil. It's time to think about petrochemicals here and this is also a field of cooperation. It is said that the stone age ended not because the stones had run out. So the same will happen with the oil century”, - Professor said.

Speaking about the role of OPEC + in the regulation of oil prices, M. Kovalev noted that the initiative has already played its role by raising prices from $ 30 in 2016 to $ 75 today: “I am convinced that with the present threat of US oil shale and future electric vehicles, cooperation with the traditional OPEC will only grow stronger”.