A deal OPEC+ will be extended after 2018, says Aliyev

© RIA Novosti / Alexei Vitvitskiy in Photobacterium of Azerbaijan Ilham Aliyev. Archival photoA deal OPEC+ will be extended after 2018, says Aliyev© RIA Novosti / Alexei Vitvitskiy the image Bank

Baku believes that the agreement of OPEC and outside the cartel (OPEC+) on the reduction of oil production will be extended after 2018, told RIA Novosti President of Azerbaijan Ilham Aliyev.

«We hope that the format that came together — OPEC and non-OPEC — will continue. It needs to continue. Now well that it was extended until the end of the year. But I think that will have to extend further,» he said.

Aliyev reminded that Baku supports the agreement OPEC+ to stabilize oil prices and even overfulfilled its obligations under the production cuts. «We have always supported and continue to support, and carry out their commitments to reduce production. Even exceeded them», — he said.

Aliev added that he had met in Davos on Tuesday with OPEC Secretary-General Mohammed Barkindo. «He really appreciated our role not only as a country that fulfills its commitments, but played an important role in bringing together Custody and not Custody,» — said Aliyev.

OPEC and other oil producing countries at the end of 2016, agreed to cut oil production to total 1.8 million barrels per day from the October level of 2016. Azerbaijan in the framework agreement committed themselves to reduce production of 35 thousand barrels per day (level 869 thousand barrels). The agreement was extended until the end of 2018. Azerbaijan in January presented the monitoring Committee of OPEC+ data on daily oil production in the country in December it amounted to 810 thousand barrels vs 790,7 thousand barrels in November, so the country has fulfilled its obligations in the framework of the deal in 2017, reported RIA Novosti head of the press service of the energy Ministry of Azerbaijan.

The world economic forum held in Davos from 23 to 26 January. During all days of the forum in Davos will be organized to work «Recongress» official Russian residence, «Russian house», which will bring together leaders of the business community, well-known politicians, economists, and scientists and representatives of creative professions. The official government delegation in 2018, headed by Deputy Prime Minister Arkady Dvorkovich.

A deal OPEC+ will be extended after 2018, says Aliyev© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC