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Azerbaijan to support OPEC+ plan

03 November 2021 16:50 (UTC +04:00)

Azerbaijan said it will support a plan by OPEC+ producers to increase daily crude output by 400,000 barrels next month, Azerbaijani Energy Minister Parviz Shahbazov said in an interview with Bloomberg, APA reports.

“We think it’d be the most optimal decision to maintain stability,” Energy Minister Parviz Shahbazov said in an interview in the capital, Baku. He said such an increase would help prevent market volatility.

Commenting on rising calls for faster increase of output, Shahbazov said any decision to raise production needs to be based on economic reasons and thorough research of the market.

“We’re not seeing a dramatic increase in demand because electricity producers do not always necessarily opt for oil products to replace natural gas,” Shahbazov said. “They also use nuclear energy and coal.”