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28.10.2016 09:59

Azerbaijan to participate in OPECS Vienna meeting

Azerbaijans Energy Minister Natig Aliyev will participate in the OPEC High Level Committee Meeting on implementation of Algerian agreements of OPEC and non-OPEC states, to be held in Vienna in late October, the Azerbaijani Energy Ministry said in a message October 27.

Along with Azerbaijan, invitations for the meeting were sent to such non-OPEC states as Russia, Kazakhstan, Bahrain, Bolivia, Brazil, Brunei, Canada, Colombia, Egypt, Norway, Malaysia, Oman, Mexico, and Trinidad and Tobago.

The meetings agenda includes discussions on the development of the oil market, actions for implementation of agreements, and consultations.

As Natig Aliyev said, Azerbaijan joins the initiatives to regulate and stabilize the oil market, increase oil prices and is ready to contribute to reaching an agreement.

I dont think the non-OPEC states will oppose a final decision to limit oil production, he added. The important issue is to eliminate the contradictions among OPEC member-states, namely, Iran, Libya, Nigeria and Saudi Arabia, which will allow reaching an agreement.

The minister added that at the meeting, Azerbaijan will once again confirm its readiness to not increase oil production and export.

OPEC agreed to limit oil production in the range of 32.5-33 million barrels of oil per day at an informal meeting in Algeria on September 28. However, there is no agreement on specific limits for each of the OPEC member-state.

A final decision must be made at the OPEC official meeting in Vienna on November 30.

The organization expects a number of other oil-producing countries, especially Russia, to join the measures to stabilize the market.

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