Azerbaijan supports prolongation of OPEC output reduction deal

BAKU, May 19 (PRIME) -- Azerbaijan supports prolongation of the oil production cut deal, which has proven efficient, the Energy Ministry said in a statement on Friday citing Minister Natig Aliyev.

“Azerbaijan stands for stabilization of oil prices on the market and wants the process to be long.

“The decision made on December 10 of last year may be called historical. We already see the results of the decision to cut production cut, which has led to balanced prices. The decision is efficient and well-proven,” the statement quoted Aliyev as saying.

“That is why the position of the Azeri side is that the agreement should be prolonged. Azerbaijan will support a decision to be made at the Vienna meeting to curb output to ensure stable prices.”

The ministry also said that Aliyev will take part in the meeting of OPEC and non-OPEC countries on prolongation of the agreement in Vienna on May 25.

The OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December, 11 non-OPEC countries agreed to cut their combined output by 558,000 barrels, including Russia, which has agreed to slash production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.

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