SOCAR Trading CEO discloses expected oil price band

By  Trend

The $40-$60-a-barrel band is expected in the world market in the long term, Arzu Azimov, chief executive officer of SOCAR Trading, trading house of Azerbaijan’s state oil company SOCAR, told Financial Times.

“The $40-$60-a-barrel band was a new reality of the market that global producers needed to embrace,” he said.

"That corridor will last a lot longer," Azimov added.

The price for December futures of the North Sea Brent oil mix increased by 2.74 percent to $58.42 per barrel, while the price for November futures of WTI oil increased by 2.15 percent to $51.75 per barrel Sept. 26.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, was $60.51 per barrel at the Italian port of Augusta on Sept. 25.

Prior to that, the cost of Azeri Light CIF oil exceeded $60 per barrel on July 13, 2015.

SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.