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10:15 23 November
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Minister: Output cut justifies itself, oil market found balance

“Azerbaijan always strictly adheres to all its international obligations, including those to OPEC”, new Energy Minister Parviz Shahbazov said.

According to him, Azerbaijan is interested in stabilization of oil market: “We have information that OPEC plans to hold the next ministerial council meeting in November 2017. If Azerbaijani side is invited, it might participate in the meeting after relevant agreement. Of course, it’s impossible to achieve balance in the oil market with only one country. Therefore, there is a need for international cooperation. Azerbaijan has joined the initiative on oil output cut. According to recent tendencies, the taken steps are correct. Today, we can say that the oil market found balance. This is a great achievement. As for new agreement, as I said before, discussions will be held in the ministerial council meeting. Past period will be analyzed and next steps will be discussed”.

 

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