Azeri Energy Minister: No need to raise oil output amid low prices

Azeri Energy Minister: No need to raise oil output amid low prices
# 01 April 2009 14:44 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. In the face of low oil prices on the world markets it is impractical to raise oil output, said Natig Aliyev, Azerbaijan’s Minister of Industry and Energy.
According to him, Azerbaijan forecasts to produce more than 45 million tons of oil.
“The reason for this is the world’s financial crisis and the oil price which is nearly equal to oil cost price,” he added.
Natig Aliyev added that the global financial crisis and low oil prices on the world market does not affect the implementation of major oil and gas projects in Azerbaijan.
“However, some works, in particular rehabilitation activities in Bibieybat Bay may be postponed,” he added.
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