Industry and Energy

Home page

Industry and Energy

SOCAR: Companies expect swift resolution of Middle East situation

23 April 2026 11:21 (UTC +04:00)

Trading and energy companies want a quick resolution of the difficult situation in the Middle East and hope that this will happen in the very near future, said Taghi Taghizade, Chief Commercial Officer of SOCAR Trading, the trading arm of SOCAR, during his speech at the 2nd Caspian and Central Asia Oil Trade and Logistics Forum organized by GLENMAR Group, APA-Economics reports.

According to him, resolving the situation in the Middle East will facilitate global trading companies’ operations in energy resources.

“The situation in the Strait of Hormuz can be described as extreme. It has effectively been closed for two months. Due to the blockade of the strait, the world has already lost approximately 700–800 million barrels of oil, and the market deficit is 13–15 million barrels per day,” Taghizade noted.

He added that Saudi Arabia and the UAE are looking for alternative routes, but cannot fully resolve the issue of global oil flows.

Taghi Taghizade emphasized that energy resources are needed not only for fuel production, but also for high-tech sectors that consume large amounts of electricity.

“In other words, the current problem in energy trade affects the whole world, and we expect its resolution in order to reduce the risks of trading operations,” Taghizade stressed.