(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 12. Geopolitical risksstrongly influence global oil prices and supplies, Acting ChiefTrading Officer at SOCAR Trading (the trading house of the StateOil Company of Azerbaijan), Taghi Taghi-Zada said, Trend reports via the company.
He made the remark on the sidelines of a meeting of globaltrading companies (Commodities Global Summit 2024) in Lausanne.
"The oil market is expected to remain tense in the short termdue to world conflicts, geopolitical pressure, and logisticaldisruptions. There are many uncertainties (regarding crude oil),"noted Taghi-Zada.
However, he acknowledged that OPEC "has been doing a good jobmanaging oil prices in recent years".
"OPEC may be interested in acting to maintain the global oilprice at an average of $90 per barrel. They have been successful,and I see no reason why they should not continue this trend as agroup," Taghi-Zada explained.
Overall, most global traders believe that this year the price ofoil could be in the range of $85–100 per barrel.
To note, the Commodities Global Summit was held on April 8–10,organized by the Financial Times.
Headquartered in Geneva, SOCAR Trading was incorporated inDecember 2007 as the marketing arm of SOCAR with a mandate tomarket Azeri barrels produced from the Azeri-Chirag-Gunashli fieldand other surrounding fields in Azerbaijan.
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