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01.02.2016 17:37

Azerbaijan's Energy Minister: oil prices to rise sharply by late 2016

Energy Minister Natig Aliyev of Azerbaijan has stated that growth of the global oil prices has become a necessity amid the weakened global economy.

Minister Aliyev says that further fall of oil prices will hardly continue.

"Of course, it is difficult to make any forecasts in the current situation. If to take into account the fact that in 1998, when the oil price fell to $10 a barrel, the experts predicted the further crisis until 2002, and already in 1999 the prices started growing and reached $100, I think everything can or should change by the end of this year. The global economy already does not withstand such pressure. The states, politicians, economists and even the speculators realize that quite well, he said.

He added that the situation with oil prices will begin to change quite rapidly.

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