Azerbaijan not plans to freeze oil output - UPDATE
By Gulgiz Dadashova
Azerbaijan doesn’t plan to freeze the oil production level, Trend reports.
Natig Abbasov, the country’s deputy energy minister announced about this while commenting on the agreement between Russia and several OPEC members to freeze oil output level.
He said Azerbaijan's share in global oil production is negligible and does not affect the formation of prices, so freezing production in Azerbaijan will not give the desired effect.
In 2015, Azerbaijan produced about 0.8 million barrels of oil a day , while the global output level hit 95.71 million barrels per day.
Last year, Azerbaijan produced 41.6 million tons of oil against forecasted 40.7 million tons, and exported 38.1 million tons of oil to world markets.
Energy ministers of Russia and a number of OPEC countries have agreed to freeze the production of oil after the negotiations in Qatar’s capital Doha, Qatar's Energy Minister Mohammad bin Saleh al-Sada said, RIA Novosti reported on February 16.
Oil output will be stabilized at the level of January 11, Saudi Arabia’s oil minister Ali Al Naimi said. He noted that Saudi Arabia also agreed with this decision.
Saudi Arabia and Russia produced about 21.2 million barrels per day in January.
A new round of talks between key oil producing countries, which will be attended by the representatives of Iran and Iraq, will be held on February 17, Lenta.ru reports with reference toVenezuelan Oil Minister Eulogio Del Pino.
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