4 Apr 2015 16:52

SOCAR CEO expects global oil prices to reach $80-$90 per barrel by 2017

BAKU. April 4 (Interfax) - The oil price on global markets could grow to $80-$90 per barrel by 2017, says Rovnag Abdullayev, the CEO of the State Oil Company of Azerbaijan Republic, SOCAR.

"Plans to set the oil price at $50 in Azerbaijan's 2016 national budget are quite appropriate; we choose the minimum possible level for ourselves and act accordingly. This is a cautious approach. We follow decline and growth trends in global oil prices. It would be right to pursue a cautious policy in 2016. It is possible that oil prices will reach a level of $80-$90 per barrel by 2017," Abdullayev told journalists on Saturday.

He suggested that the lifting of international sanctions from Iran is unlikely to prompt the oil prices to go down.