Azerbaijan to support decisions to stabilize global oil prices

Azerbaijan will support decisions aimed at stabilizing global oil prices, which will be made during oil-producing countries’ meeting on Apr. 17 in Doha, Qatar, Azerbaijan’s Energy Ministry told Trend Apr. 11.

Azerbaijan will be represented by the country’s Energy Minister Natig Aliyev, according to the ministry.

“The importance of Azerbaijan’s participation in oil-producing countries’ meeting was emphasized in the invitation letter received by Azerbaijan from Qatar’s Energy and Industry Minister Mohammed bin Saleh al-Sada,” said the ministry.

Azerbaijan’s position is to find ways that will allow stabilizing oil prices on world markets, noted the ministry.

Earlier, Venezuelan Oil Minister Eulogio Del Pino said that about 20 countries, including Azerbaijan will participate in the meeting.

Previously, a number of oil producing countries expressed readiness to freeze oil output at the level of January. Meanwhile, the total oil output of the OPEC member countries amounted to 32.38 million barrels per day in February 2016, which is by 175,000 barrels per day less than the output in January.

The President of Azerbaijan’s State Oil Company (SOCAR) Rovnag Abdullayev said earlier that Azerbaijan is ready to freeze oil output in 2016 at the level of 2015.

Azerbaijan produced 10.5 million tons of oil in the Q1 of 2016. Currently, the country produces about 0.85 million barrels of oil per day.

Source: Trend