Minister: Extension of Vienna agreement beneficial for Azerbaijan

The extension of the Vienna agreement on the reduction of oil production will be in Azerbaijan's interest, Azerbaijani Energy Minister Natig Aliyev told reporters on the sidelines of "The 2nd SOCAR International Caspian and Central Asia Downstream Forum – Trading, Logistics, Refining, Petrochemicals" in Baku Apr. 25.

"The decision on the reduction of oil production, made in December 2016, has yielded positive results," he added. “The oil price has been varying within the range of $50-60 per barrel since January 2017, that is, precisely what we expected. I think that the measures taken earlier have brought benefits."

Aliyev added that the participants of the upcoming meeting should agree to extend the agreement till the end of 2017 to keep oil prices at a stable level, Trend reports.

"The extension of the agreement is beneficial for us, so we will not oppose this decision," the minister said.

OPEC and non-OPEC countries reached an agreement on the reduction of oil production in Vienna in late 2016. The agreement was to last until mid-2017, but at the OPEC conference on May 25 oil producing countries will again discuss the prolongation of the agreement till the end of 2017. Azerbaijan reduced oil production by 35,000 barrels per day as part of the agreement.


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