Oil prices may go up to $90 per barrel by 2017 – SOCAR
He said the oil price of $50 included in the 2016 state budget is a normal thing, Kazinform refers to Trend.az.
"This issue must be approached carefully," he said. "It is for this reason that the prices in the 2016 state budget were included at the level of $50."
"If we pay attention to the trends in oil prices, we can see that the prices increase, and then decrease. This is proven by the price chart for the last 20 years. So, by 2017, the oil prices may reach $80-$90 per barrel," he added.
He said that due to the declining oil prices, the pace of economic growth in some countries has increased.
"The economic growth creates increased demand for fuel. Accordingly, the price will go up when the demand grows," said Abdullayev.
He further said that the lifting of sanctions from Iran shouldn't have a strong impact on the prices.
"Iran has never stopped the oil production. The country marketed it [the oil] at lower prices, but now will sell it openly. Therefore, there is no need to expect much impact on the prices. This is my subjective opinion," said Abdullayev.
The fall in oil prices began in July 2014, when its value fell from $115 to $100, and then to $80 per barrel.
After the refusal of the OPEC member countries in November to cut oil production quotas, the decline in oil prices accelerated.
