Baku supports the OPEC decision in Vienna and will not increase oil production

Баку поддерживает решения ОПЕК в Вене и не будет увеличивать нефтедобычу

Azerbaijan supports the decision of the OPEC in Vienna on stabilization in oil prices and has no plans to increase oil production, said on Thursday, RIA Novosti head of the press service of the energy Ministry of the country of Zamin Aliyev.

OPEC on Wednesday reached an agreement on the reduction from 1 January 2017 for its oil production by 1.2 million barrels per day — up to 32.5 million. The agreement implies participation of countries outside the cartel. Their production needs a total decline of 600 thousand barrels per day, of which 300 thousand barrels per day agreed to provide Russia. The agreement is for six months with possibility of extension for another six months.

“Azerbaijan supports the OPEC decision reached in Vienna, and considers it an important step towards the stabilization of oil prices. We also believe that the agreement on the reduction from 1 January 2017 oil production by 1.2 million barrels per day will have an effect, if it is long-term. As for Azerbaijan, we have repeatedly stated that unilaterally, without waiting for the decision of other countries–producers of oil will not increase oil production. We do not plan to take any measures to increase oil production,” — said Aliyev.

Баку поддерживает решения ОПЕК в Вене и не будет увеличивать нефтедобычу

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