BAKU, Apr 26 (PRIME) -- Saudi Arabia is interested in OPEC and non-OPEC states continuing their dialogue on the oil market stabilization, Energy, Industry and Mineral Resources Minister Khalid Al-Falih told his Azeri counterpart Natig Aliyev on Wednesday.
“We are interested in a dialogue between OPEC and non-OPEC continuing in order to stabilize the oil market,” Al-Falih said.
“Azerbaijan, which is not a member of the organization, made several important steps in this direction. Baku fulfilled all liabilities that it had undertaken. Our goals are the same. Stabilization of oil prices is necessary not only for exporters, but for all participants of the market.”
OPEC states agreed to reduce their oil 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, which is to be discussed in May.
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