SOCAR says oil price will rise up to $75 within next 1-2

24 November 2024

SOCAR says oil price will rise up to $75 within next 1-2 years

22:30 22 July 2015 Read: 1642

SOCAR says oil price will rise up to $75 within next 1-2 years

Oil price depends on political factors more than economic factors.

Oil price is at a level that it’s impossible to go down more, said the President of State Oil Company of Azerbaijan rovnag Abdullayev.

According to him, the decline of production cost of the oil to below $60 caused suspension of half of works in this sphere: “More decline of oil causes problems in the market. Today, SOCAR’s oil production is below production cost. And this does not affect us so”.

According to his expectations, oil price will rise up to $75 within next 1-2 years.

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