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Thursday, 27 October 2016 14:00

Azerbaijan to support freezing of production at Vienna meeting

Azerbaijan to support freezing of production at Vienna meeting

Azerbaijan to support freezing of production at Vienna meeting 

Minister of Energy of Azerbaijan Natig Aliyev will take part in the session of the high-level committee for implementation of the Algerian agreement of the OPEC members and non-OPEC members, which will take place in Vienna on October 29, Caspian Energy News ( reports with reference to the Ministry of Energy of Azerbaijan.

Apart from Azerbaijan, there are non-OPEC members invited to the session: Russia, Kazakhstan, Bahrain, Bolivia, Brazil, Brunei, Colombia, Egypt, Malaysia, Oman, Mexico, Trinidad and Tobago.

Short-term development of the global oil market, discussion of joining to the decision of the OPEC states and conduction of consultations were included into agenda.

Due to the forth coming meeting, Minister Natig Aliyev said that Azerbaijan joins the initiative on settlement, stabilization of the global oil market and oil price increase. The country is ready to contribute to the achievement of the agreement on this issue.

“I do not think that non members of the cartel will oppose the decision on restriction of oil production. The major moment here is to solve the disagreement and reach a common agreement between such OPEC members as Iran, Libya, Nigeria and Saudi Arabia”, the Minister said.

Natig Aliyev also said that Azerbaijan’s position about non-increase of oil production and export will also be declared at bilateral meetings, which are planned to be held within the framework of the session. 

It stands to mentioned that OPEC members managed to reach an agreement about oil production at the rate of 32.5-33 ml. barrels per day in the course of the informal meeting held on September 28 within the framework of the 15th International Energy Forum held in Algeria.

Person in charge of the newsline: Jeyhun Bayramov

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