Price movements as large and rapid as those that have upended oil markets since June 2014 are sure to cause pain to some and benefit others. Though the pain tends to capture the most attention, the benefit is just as important – if not more so. The 70% drop in the price of a barrel of crude represents a colossal transfer of $3 trillion in annual income from oil producers to oil consumers.
As a result, while sliding equity markets and a further decline in oil (and other commodity) prices have sparked much talk of another global recession, dire predictions are likely to prove overly gloomy and misdirected. To be sure, the dramatic drop in the price of oil will produce winners and losers. But the biggest dangers will be political, not economic.
The shift in fortunes can perhaps best be seen on the boarding passes of International Monetary Fund officials. Rather than going to Athens, they are now heading for Baku. Indeed, Central Asia’s oil-producing dictatorships, including Azerbaijan, have been among the countries hardest hit by the drop in prices – especially because, as ex-Soviet states, they remain heavily dependent on trade with Russia, another oil producer.
The biggest beneficiaries of the price slump will be the highly indebted, oil-importing countries of the eurozone: Greece, Italy, and Spain (Germany, too, is likely to benefit). Their export markets in emerging economies will suffer, damping hopes of a trade-led recovery, but that negative effect stands to be more than offset by the windfall from a big drop in energy costs. Growth in the eurozone will be based on the resulting increase in domestic demand, rather than exports.
CIRSD Vice President Participates at International Conference on Responsible Management Education
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Maria Fernanda Espinosa Calls for Stronger Preventive Diplomacy as the UN Marks its 80th Anniversary
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CIRSD and NGIC Coorganize a High-Level Conference at the Diplomatic Academy of Vienna
Vienna, October 21, 2025 — The Center for International Relations and Sustainable Development (CIRSD) and the Nizami Ganjavi International Center (NGIC), convened a high-level international conference titled “Shifting Grounds: The Caucasus, Central Asia and Europe in a New Global Order”, in partnership with the Diplomatic Academy of Vienna.
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Vuk Jeremić Addresses the China Institute’s Thinkers Forum on the Future of the World Order
Shanghai, October 2025 — President of the Center for International Relations and Sustainable Development (CIRSD) Vuk Jeremić, took part in the Thinkers Forum organized by the China Institute, marking the jubilee 10th anniversary of this distinguished institution.
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