OREANDA-NEWS. July 24, 2009. The State Oil Fund of Azerbaijan (SOFAZ) marks that in the first half of year Azerbaijani oil was sold lower than forecast for year level at USD 70 per barrel.

SOFAZ Chief Executive Shakhmar Movsumov reported at a new-conference today that if the fund received income from sale of Azerbaijani oil for export on the basis USD 48 per barrel that it exceeded  USD 60 during last two months.

“We expect that prices for oil will increase till the end of year and we will succeed in achieving forecasted USD 70 level per barrel,” Sh. Movsumov said.