ECONOMY


Azerbaijan to back any decision aimed at stabilization of oil price

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Baku, December 2, AZERTAC

Azerbaijan supports any decision for stabilization of oil price in the world market.

This was stated by Minister of Energy of the Republic of Azerbaijan Natig Aliyev who highly appreciated the decision on reduction of oil production taken at the 171st meeting of Organization of Petroleum Exporting Countries (OPEC) on November 30 in Vienna, and estimated it as an important measure for establishing a balance in oil market."

The minister believes it will be possible to reestablish stability in oil market only if the decision of OPEC countries to cut production for 1.2 million barrels per day will be kept for a long term.

"It is widely known that President of the Republic of Azerbaijan Ilham Aliyev unilaterally declared that Azerbaijan will not increase oil production and export. We say once again that Azerbaijan has no intention to take measures towards rise of oil production", N. Aliyev emphasized.

Regarding OPEC's meeting with the non-member countries on December 9, N. Aliyev said that official Baku will take part at the meeting if they invite and consider Azerbaijan's attendance necessary. "I consider the issues related to reduction of production by non-OPEC countries will be talked at the meeting. Azerbaijan is ready to accept proposals and make its contribution to the process of raising oil price," Natiq Aliyev said.

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