Azour said he believes oil prices will remain at the level of $50-$55 per barrel until there is a sharp change in the supply or demand.
In July, the IMF raised its forecast for average oil price in 2017 by about $3 – up to $51.9 per barrel. The IMF expects the average price of oil at the level of $52 per barrel in 2018.
Touching upon the 2018 fiscal breakeven oil price for Azerbaijan, Azour noted that updated data on fiscal breakeven oil price will be published in October.
The 2017 fiscal breakeven oil price in Azerbaijan is $91.4 per barrel.
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