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.
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.