DAVOS, Switzerland, Jan 21 (PRIME) -- Azerbaijan will support a heavier reduction of production if it is discussed at the March meeting of ministers of OPEC and non-OPEC states, President of Azerbaijan Ilham Aliyev told PRIME on Tuesday on the sidelines of the World Economic Forum.
“Yes, we will participate in it. We have been actively partaking in the format since its very beginning, we have been complying will all our output reduction obligations,” he said, adding that Azerbaijan expected cooperation to continue.
When asked whether the country was ready to support a heavier reduction of oil production, he said, “Yes, we are ready to show solidarity with the largest producers.”
Azerbaijan will definitely support prolongation of the oil output reduction if OPEC and non-OPEC states make such a decision in March, he said.
In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.
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