In SOCAR’s called the cost of oil production in Azerbaijan

Moscow. On 25 January. Oil production on offshore and onshore fields of Azerbaijan state company SOCAR’s costs on average $ 20 per barrel. About it told the Vice-President on investments and marketing Elshad Nasirov, reports Trend.

According to him, Azerbaijan’s oil is produced onshore and offshore fields, therefore the cost of production differs.

Commenting on the fall in oil prices on world markets, then, according to Nasirova, after a while they will start to grow again.

“If you look at history, we can see that the price has a cyclical nature. We believe that oil prices will grow again, and SOCAR, the current drop in prices is categorically not worried. The price depends on various factors, and this complicates the forecasting of price dynamics”, – said the representative of the company.

Nasirov believes that the price of oil could fall to $ 20 per barrel, but this price will not last long, as there will be a reduction in the volume of investment in the sector.

Last week the Chairman of the Board of the Central Bank of the country Elman Rustamov has reported that the authorities of Azerbaijan prepares draft amendments to the state budget for 2016, the budget revenues will be revised on the basis of oil prices of 30 dollars per barrel