SOCAR: World oil prices are satisfactory for medium-term planning

The Azerbaijani state oil and gas company SOCAR considers current oil prices satisfactory for medium-term planning, SOCAR Deputy Vice President Vitaliy Baylarbayov said in an interview with S&P Global, Report informs.

"We have successfully worked in various price conditions, including rather low ones. What we have now is completely satisfactory in terms of medium-term planning," Baylarbayov said.

Touching upon the issue of Azerbaijan's actions within the framework of OPEC +, the SOCAR representative noted that the country supports the policy pursued by the cartel. Despite the recent fall in oil prices, there are expectations of their rise again, he said.

"I do not believe that prices will go further down, the trend will be upward. If this is correct, then I do not expect significant cuts in oil production," he said, adding that the situation could change if there was a decrease in demand in Asia and Western countries, primarily in the United States.