He was answering a question about the company’s output plans amid lower oil prices.

“The fields, the development of which is under the direct control of SOCAR, are expected to continue the tendency of recent years in 2020, that’s to say, we expect stabilization of the oil production level and possibly, some increase as compared to the previous year,” said Ahmadov.

In general, he noted that a significant increase in natural gas production is observed in the country and this tendency will continue in the near future, he added.

He went on to add that the average price of Azerbaijani oil (CIF) at the point of departure was about $ 67 last year and about $ 63 over the first two months of this year.

Earlier, commenting on the results of the recent OPEC+ meeting, when the sides failed to reach any agreement, which led to a further drop in oil prices, Ahmadov said that OPEC+ format is not exhausted.

“Experts believe that the common goals of the participants of this format are still relevant. They want to jointly regulate the oil market and avoid long-term decline of oil prices. At the same time, possibly, some participants of the deal believe that the short-term decline in oil prices is expedient,” he said.

He noted that in recent years, SOCAR hasn’t invested in unconventional oil production, but primarily in the development of oil refining and petrochemical complexes in Azerbaijan and beyond.

“This helped us to balance our business portfolio. Therefore, if there are losses from crude oil sales due to lower prices, margins will increase in oil refining and petrochemicals, for which we partly buy oil from other companies at a market price,” he added.

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