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Azerbaijan fully committed to its obligations to OPEC - energy minister

25 January 2017 12:01 (UTC +04:00)

Azerbaijan is fully committed to its obligations under the oil deal reached with OPEC and non-OPEC members, Azerbaijani Minister of Energy Natiq Aliyev said in an interview to the Natural Gas World website.

He said Azerbaijan has reduced output by 35,000 b/d since January 1, noting that the country’s total oil production was 789,000 b/d during January 1-20 in the line with this pledge.

According to him, the oil price in January increased by $25/b year-on-year, which he said favors all producers, adding that Azerbaijan can cut oil output even more if other producers decide to shrink the production level to support prices.