SOCAR Trading Expects Oil Prices to Rise to $ 100 per Barrel
SOCAR Trading SA (a trading subsidiary of SOCAR) expects oil prices to rise to $80 per barrel in 2021, and to over $100 per barrel in the next 18-24 months, according to Azerbaijan in Focus, reporting Turan News, with reference to the Bloomberg interview given by the chief trade director of the company, Khayal Ahmedzadeh.
According to him, the excess oil reserves accumulated in 2020 in response to the pandemic will be completely depleted by this summer. At the same time, he added, very high steel prices could also shock the oil industry.
Ahmedzadeh said that the company has already sold all the 15 million barrels of oil stored during the crisis.