At the end of 2016 and early 2017 oil prices could shoot right back up to 70 dollars per barrel. President of Azerbaijan Ilham Aliyev said while delivering a speech at the International Economic Forum held in Davos.
“I remember the oil price being 12 dollars when we had begun major oil projects back in 1994. We hoped the oil price would be 22 dollars when we prepared development projects. Now the price is getting closer to that number. I hope the market will stabilize as the oil sector is in need of investment. It’s obvious that the oil price is going to rise. I wouldn’t like to make a prediction but I do hope that the oil price will be 60-70 dollars next year. And I’m hopeful that the second half of this year is going to be the period of stabilization,” said the president.
The President of the oil rich Azerbaijan Ilham Aliyev`s remarks on oil prices was broadcasted live via CNN News.
Oil could bounce to $70 by 2017 - Ilham Aliyev | VIDEO, CNN
22 January 2016
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