Vitaly Beylerbeyov: Low prices will be replaced with higher after a certain time

Baku. 4 November. REPORT.AZ/ The current stage of development of oil and gas industry presents new challenges to the market in terms of prices, geopolitical and other factors.

Report informs, Vitaliy Beylerbeyov, Deputy Vice-president of SOCAR for Investments and Marketing said at SPE Annual Caspian Technical Conference-Exhibition held in Baku.

V.Beylerbeyov noted that the oil industry is an area in which high prices will be replaced with low after a certain time:"Oil producers are faced with technological difficulties. However, low prices stimulate the creation of new technologies."

The representative of SOCAR, touching upon the importance of the conference, said that the event participants will have opportunity to familiarize with technological innovations.