TODAY.AZ / Politics

Azerbaijan ready for additional oil production cuts

19 January 2017 [17:44] - TODAY.AZ

By Azernews


By Nigar Abbasova

Azerbaijan is ready for additional reduction of oil output should such a decision is made by other major producers. That was stated by the President of Azerbaijan Ilham Aliyev, who is taking part in the World Economic Forum in Davos, Switzerland.

“Azerbaijan would support additional cuts to global crude oil production if such a decision is made by other oil producers within and outside OPEC,” RIA news agency quoted him as saying.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day. Energy Ministry of the country earlier revised its forecast for oil output, following the struck of the first since 2001 deal between OPEC and non-OPEC states to curtail oil output jointly. The country started scaling down its production in the first days of 2017 and brought the production to the required level earlier this month.

“We undertook the obligation to reduce our production to 35,000 per day. And we will adhere to this pledge. The process has already been launched. We will support any additional reduction as we agree that all countries should join the process.”  

Commenting on the possibility of further cuts and prolongation of a 6-month agreement, the head of state said that all will depend on the implementation of the previous decision and dynamics in oil pricing.   

“There will be no necessity for further cuts, should the price stabilize”

Oil production of the country in 2017 is forecasted to stand at 39.797 million, while average daily oil production will amount to 800,000-807,000 barrels (in line with Vienna accord), according to the Energy Ministry of Azerbaijan.

URL: http://www.today.az/news/politics/157874.html

Print version

Views: 1492

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: