Coronavirus and collapse of oil prices. We’re looking for solutions together with Liye Xiao
Liye Xiao (China) The Global Energy Prize International Award Committee member; Director of Applied Superconductivity Laboratory, CAS; Director of Interdisciplinary Research Center Institute of Electrical Engineering, CAS.
Collapse of oil price is very harmful to all of the oil-producing countries, and there is no reason to keep such a low price in long-term, then I think the oil price would be back soon. Currently, the oil demand in the world decreased due to the effects of Coronavirus on economy, but this effect is short-term, the global economy will be recovered to develop soon after the coronavirus, because developing countries have economy development potential. After the oil-producing countries get new agreements on daily oil production, the oil price will be back soon again to the normal state. But, I also do not expect that the oil price would be much higher than the price just before its collapse, because the renewable energies are getting more and more competitive. Russia is great country with great people and rich natural resources, I think the economy of Russia should be very optimistic, although the short-term fluctuation of oil price will have some affects on Russia economy.