Sabit Baghirov: "The reduction of oil production by Azerbaijan may have a definite psychological influence on the prices on the world market"

As is known the OPEC October decision to reduce oil production by 1.5 mln barrels per day influenced the decline in rates in oil price drop on the world market, said Sabit Baghirov, chairman of the Fund of Assistance to Market Economy speaking about results of the OPEC urgent session, which was attended by the Azerbaijani delegation.

He said there have recently been a definite rise in oil prices on the world market, which was sometimes accompanied by some drop in prices, though.

"It is important to take into account the fact that OPEC states ensure about 40-45% of the world oil consumption, which is important market position. Certainly, the decision of the organization can influence the conjuncture of the world market and ensure some rise in prices on oil on the market", said he.

As for the Azerbaijan's participation in the said decision, he said our country is currently unable to influence the partial change in the market conjuncture on the world oil market, as volumes of production in the country are not so large, considering the scales of the world market.

"But on the whole, the adoption of such a decision by Azerbaijan will have a psychological influence on the situation on the world markets. Nevertheless, the reaction of other important players, which are not the members of this organization, for example, Norway, to the decision of OPEC is also important", concluded Baghirov.

/Day.Az/