SOCAR Turkey CEO: $45-55 is perfect price for oil

"We consider $45-55/ bbl an ideal oil price for other countries along with US, Saudi Arabia and Russia", CEO of SOCAR Turkey Zaur Gahramanov told Anadolu Agency.

According to him, this price may be favorable for all oil producing countries: "The base price of the US shale oil is $30-35 a barrel. They also carried out optimization. Therefore, the price of $45-55 could be an ideal price for all countries."

He also touched upon the issue on output cut and noted that taking into account the COVID-19 pandemic, the reduction of 10 million barrels is not sufficient: "Some experts forecast the output to be cut by 30 million barrels. However, reduction of at least 10 million barrels per day can eliminate the imbalance in the market and stabilize prices".