Ilham Shaban: "Rise in cost of oil on world market is a seasonal event"

"This is a significant growth, considering the fact that a month ago the world oil price was $25", said president of the Azerbaijan Oil Studies Center Ilham Shaban, according to Novosti-Azerbaijan.

"Yet, it would be incorrect to think that when passing the "psychological mark of $50", oil price will further grow", noted Shaban adding that "the decline in car manufacturing in the United States that consumes the fourth part of the world oil production should be taken into account".

Moreover, according to the expert, the economists of the leading European states predict the drop in the GDP of these countries and the progress in energy saving spheres of industry.

According to him, the rise in the cost of oil on the world markets is a seasonal event, caused by the growing consumption of energy sources in winter.