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Minister: Sharp decline in oil reserves should be considered in order not to face crisis in market

20 June 2018 13:35 (UTC +04:00)

There was very productive cooperation in the OPEC+ format during past period, Minister of Energy Parviz Shahbazov said.

According to him, this cooperation stabilized the global oil price: ‘Taking this into account, we’ll participate in the Vienna meeting. I think the results achieved in the past period will be discussed and analyzed at the meeting. Of course, next steps will be taken to keep this situation’.

Shahbazov noted that level of oil production will be discussed at the Vienna meeting: ‘There is a difference between the past and now. The situation has changed a little. Oil reserves are declining. We must take this into consideration in order not to face next crisis. Probably softening of the regime will be discussed. But, the result will be clear after meeting’.