Baku, Azerbaijan, March 11
By Elchin Mehdiyev, Maksim Tsurkov - Trend:
Oil will remain a dominant energy source at least until 2035, Azerbaijani Minister of Energy Natig Aliyev told reporters March 11.
He said that prices on global oil markets depend on many different factors: economy, politics, transportation, and so on.
"Some companies reduce operating costs," Aliyev said. "It means that in the future, production of oil will decline. Falling prices cannot last long, despite the experts' statements that it's all political games. Oil has its prime cost, and the market prices cannot be lower than this cost."
The minister went on to add that economic growth contributes to an increase in oil consumption in the world.
"Before 2035, electricity consumption in the world will increase by 35 percent, and oil will remain dominant source of energy," Aliyev said. "If the demand grows, the price will grow, accordingly. Today, costs for exploration, production and transportation of oil rise, which means that oil prices will also grow."