UNEC forecasts price for Azeri Light oil

Baku, November 30, AZERTAC Azerbaijan State University of Economics (UNEC) forecasted the world markets price of “Azeri Light” oil for 2016-2020. Factors made impact to the price of oil in econometric modeling were taken into account. It was said that these factors are scientific and technical progress, the discovery of alternative energy resources, changes of reserves, new oil fields, climatic conditions, including changes in solar activity, growth in the world GDP (including growth in GDP of US, China, India), military conflict, speculative operations in trading agencies, removal of restrictions on the export of oil from Iran and elimination of the ban imposed on the export US’s its oil and so on. Research was performed in accordance with SOCAR’s order. The UNEC forecast of “Azeri Light” oil on the world markets price for medium- term is as follows: