Energy Minister: Vienna agreement meets interests of Azerbaijan

# 19:19
25 May 2017

The prolongation of the agreement on the reduction of oil production meets the interests of Azerbaijan, said Energy Minister Natig Aliyev, APA-Economics reports.


Commenting on the decision taken on Thursday by OPEC member states and non-member states the minister noted that Azerbaijan does not see any problems if the agreement is prolonged until the end of next year.


"Analyzing the results of the Vienna agreement at the meeting, it was noted that the agreement had a impact on the market by stabilizing oil prices in the range of 50-55 dollars per barrel. The activity of the Monitoring Committee as a structure supervising the implementation of the terms of the agreement was highly appreciated. OPEC leadership commended the execution of commitments both by OPEC and non-OPEC countries. According to the latest data, OPEC countries fulfilled their commitments to reduce production by 104 percent, and non-OPEC countries by 102 percent, " said Natig Aliyev.


The energy minister said the OPEC Monitoring Committee proposed to extend the agreement for another nine months and the proposal was unanimously accepted and another such meeting will be held in Vienna on November 30, 2017.