The political analyst reminded that the panic around the spread of coronavirus led to a drop in oil demand due to emerging trends of slowing economic growth.

"Russia did not agree to the proposal to reduce oil production and this was the decisive reason for the collapse in oil prices,” Triukhan added.

“The Russian Federation proposed to maintain the current terms of the deal, while Saudi Arabia offered to further reduce oil production,” the analyst said. “The countries could not agree on either changing the parameters of the agreement or extending it. However, in case of a drop in oil prices, it is necessary to be cold-blooded as they vary due to a number of factors.”

Triukhan said that as a result of such crises, the winners are the most technologically advanced countries with stable political systems that can effectively respond to the changing situation.

"It is highly likely that the competitiveness and diversification of the Azerbaijani economy will protect the country from various risks,” the political analyst said. “An increase in the share of the non-oil sector may serve as the main factor that will form a kind of immunity of the Azerbaijani economy.”

“If Azerbaijan retains great volumes of foreign trade, as well as the growth of the non-oil sector of the national economy, then it seems quite possible to be protected from the negative consequences of the crisis,” Triukhan said.

“The countries that use the revenues from the export of oil and other raw materials in advance to achieve this goal, are more prepared for such global crises,” the political analyst said. “Therefore, the current crisis is a chance to rethink the models of own economy and trade for many countries, which for various reasons greatly depend on the export of raw materials.”