“The current period of development in the oil industry is facing a number of challenges, low prices being among them,” he said.
“However, price changes take place in an undulating manner, and so high prices can be expected to soon replace low ones,” noted Baylarbayov.
The price of Azerbaijani light oil on Nov. 3 was $50.19 per barrel, or $0.99 per barrel higher than on Nov. 2.
Azerbaijan has been jointly producing light oil since 1997 with foreign partners of the country’s state oil company SOCAR.
Light oil is produced at the Azeri-Chirag-Gunashli offshore fields. It is delivered directly to the Turkish port of Ceyhan via the Baku-Tbilisi-Ceyhan oil pipeline, and to the Georgian port of Supsa through the Baku-Supsa pipeline.
Azerbaijan also exports URALS oil from the Novorossiysk port, which is delivered via the Baku-Novorossiysk pipeline.
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