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    The Baku Aquatics Centre, one of the venues of the 2015 European Games stands in the background, as an oil pump works a nearby field in Baku, Azerbaijan.

    Azerbaijan’s Energy Minister Expects Rise in Oil Prices by Year-End

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    Oil in Turmoil (134)
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    Global oil prices will grow gradually until the end of 2016, Azerbaijani Energy Minister Natig Aliyev said Saturday.

    BAKU (Sputnik) – At the same time, a sharp increase in prices is not expected, the minister noted.

    "The price of oil on world markets will grow gradually in late 2016 as well. According to the most optimistic estimates, [the prices] could reach $55-60 per barrel," Aliyev said, as quoted by the Trend news agency.

    il prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 due to the global oil production outpacing the world’s demand.

    Tumbling oil prices remain a concern for major oil producers. In April, the Organization of the Petroleum Exporting Countries (OPEC) member states and non-OPEC oil producers failed to reach a deal in Doha on freezing oil output at January levels, in a bid to end the global oil glut.

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    Oil in Turmoil (134)

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