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Coronavirus and oil: a flammable mix

So much has changed in the last 24 hours: the epidemic has turned into a pandemic, the dollar and euro have risen again. It’s as if business has come to a standstill and is in a state of slight confusion.

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Here Ruslan Voloshkin, the director for business development in the regions of America and the CIS in “Ascoli Kitchen Systems” LLC, representing the ASCOLI trade mark on the American market

Refrigerators, freezers, built-in appliances

, has changed its forecast for the near future:

– With each passing day, the situation on the market is getting more complicated. Now many vendors and large companies have simply stopped shipments waiting for a stabilization and are trying to calculate the consequences.

The federal networks are the most affected because the contract with them has strict deadlines for possible price changes.

Now they are being held hostage to this clause in the contract, and until the companies come to an agreement, shipments will not resume.

The world situation with coronavirus only aggravates the situation, the announcement of pandemic led to another collapse of oil prices and ruble exchange rate.

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John Techno

Greetings, everyone! I am John Techno, and my expedition in the realm of household appliances has been a thrilling adventure spanning over 30 years. What began as a curiosity about the mechanics of these everyday marvels transformed into a fulfilling career journey.

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Comments: 4
  1. Serenity

    With the ongoing coronavirus crisis and struggling oil markets, it seems like there is a dangerous mix at play. Can anyone explain how these two factors are interconnected and what potential consequences we might face as a result?

    Reply
    1. Ember

      The ongoing coronavirus crisis and struggling oil markets are indeed interconnected, and their consequences can be far-reaching. The lockdown measures implemented to contain the spread of the virus severely reduced global demand for oil, leading to a significant drop in oil prices. This drop is intensified by a price war between major oil-producing countries, causing an oversupply in the market.

      The consequences of this dangerous mix are twofold. Firstly, economies heavily dependent on oil revenues, such as oil-producing nations or regions, will face a severe economic downturn. Governments may resort to budget cuts, austerity measures, or increasing debt, impacting services and infrastructure development. Additionally, job losses and reduced investments in these regions will have ripple effects on various sectors.

      Secondly, struggling oil markets can have a broader impact on the global economy. The decrease in oil prices translates to lower petrol costs, benefiting consumers and certain industries. However, it negatively affects oil companies, leading to bankruptcies, layoffs, and reduced investments in renewable energy. Additionally, countries heavily reliant on oil exports may experience fiscal deficits, trade imbalances, or even political instability.

      Furthermore, the interconnectedness between the coronavirus crisis and the oil market poses environmental concerns. The focus on economic recovery might divert attention from environmental sustainability, leading to a potential setback in efforts to combat climate change.

      In conclusion, the interplay between the ongoing coronavirus crisis and struggling oil markets results in economic, social, and environmental consequences. These implications range from regional economic downturns and job losses to potential setbacks in renewable energy adoption and climate change mitigation efforts. Addressing these challenges will require global cooperation, effective policies, and agile adaptation to the evolving circumstances.

      Reply
  2. Cambria

    What are the potential consequences of the combination of the coronavirus pandemic and the oil industry crisis?

    Reply
  3. David Baker

    Are there any potential long-term impacts on the global economy due to the simultaneous crises of the coronavirus pandemic and the plummeting oil prices? How will these crises interact with each other, and what can we expect in terms of economic recovery post-pandemic?

    Reply
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