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Azerbaijani President: "Both producers and consumers are satisfied with the current price level"

30 January 2020 10:33 (UTC +04:00)

"It is difficult to make a prediction. I think that both producers and consumers are satisfied with the current price level," said the President of the Republic of Azerbaijan Ilham Aliyev while answering the question about dynamics of the oil price during interview by Rossiya-24 TV channel of Russia on the sidelines of the World Economic Forum in Davos, APA reports.

"As for Azerbaijan, a price of $55 per barrel has been included in our budget for this year. But the price is much higher now. Therefore, I think that the price will remain within this range of $55 to 65 if there are no force majeure circumstances. Moreover, the OPEC+ format is proving very effective and Azerbaijan takes an active part in the work of this format. We are reducing production in connection with our obligations, and the countries that are not members of OPEC are essentially acting in the same way as OPEC members today. Therefore, OPEC+ is a very successful format for multilateral cooperation, which has essentially determined that the price of oil today is fair in our opinion."