According to him, fulfilment of the agreement positively affected the oil market: “Therefore, the oil price has fluctuated around $50-55 since January”.
Aliyev said that stable and expectable oil price is favourable for all producers: “Of course, we depend on oil price. The base price of oil at our budget for 2017 was set at $40 and if the oil price fluctuates around $50, so additional funds were entered the budget during the five months. This is too positive and important factor for our economy”.
Touching upon the next meeting to be held on May 25 in Vienna, the minister said that the agreement will probably be extended: “Participants will share their opinions. If needed, we can cut output more. Situation of the market is optimistic. Therefore, I don’t believe that there will be any surprise in Vienna meeting. We’ll able to reach a deal. I don’t think Iran will answer negatively. The situation in Kazakhstan, which launched Kasahagan field, is a bit difficult. Of course, the matter is about a new field and the production in here should reach a certain stage. I think Kazakhstan will find an optimal way to solve the problem”.