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Big forecast on oil price - it will exceed $100

07.01.2020,16:41


January 7, Fineko/abc.az. The price for oil is to exceed $100.

The statement on the occasion was made to ABC.AZ by expert Parviz Heydarov, when expressing his attitude to the increase in the cost of oil amid the process in the Middle East and the deterioration of relationships between the U.S. and Iran.

Noting that a military clash in the region is unlikely, Heydarov added that oil prices will be above $60 in the 1st half of this year.

The expert thinks that if there is a military clash and the U.S. begins to bomb Iran, oil will rise to $100: "Even if such a scenario is considered very profitable for a particular oil country, it is undesirable, because, on the other hand, it is impossible not to take into account the negative consequences of this. High oil prices did not bring benefits to any country and can't bring. So it is better if prices remain stable. As for our country, for us, the world market prices for oil have long been at a favorable level. The price of about $60 is satisfactory for Azerbaijan, and this is actually true for all oil-producing countries. Last year we raised the oil price in the State Budget up to $60, and this year it makes $55. The government did not increase the risk, but rather reduced it. So Azerbaijan, which will enter a new phase this year, in other words, does not expect any threat from oil prices in 2020."