ECONOMY


Natig Aliyev: Contradictions within OPEC prevented success at Doha talks

A+ A

Baku, April 19 AZERTAC

The internal contradictions in the OPEC (Organization of the Petroleum Exporting Countries) hampered to achieve success during the talks of oil-producing countries in Doha, said Natig Aliyev, Azerbaijani energy minister.

The deal, which had to be signed in Doha to stabilize the oil price, envisaged to keep the output at the level of January 2016 until October. Such an act could be a serious signal for both OPEC and non-OPEC countries. So, it was offered to freeze the output at January, March even three-month level. However, no deal was reached and the next meeting was decided to be held in June.

“As the low oil price is not profitable for both producers and consumers, the regulation is important. The countries, which are able to do that, will increase the oil output. Divergencies among countries, which are able to influence the oil price, make impossible any agreement to provide the reduction in oil output. Other oil producing countries are not expected to increase the output”, Natig Aliyev said.

© Content from this site must be hyperlinked when used.

FEEDBACK

Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.