Oil prices around $60-to-$70 per barrel can be acceptable for Azerbaijan and also for the global economy, Azerbaijani Energy Minister Parviz Shahbazov said in an interview with Bloomberg, APA reports.
“We don’t need prices that are too high,” he said. “Maybe prices are a little high today but as you can see, OPEC+ increases production every month. I think this will have an impact on the prices.”
Note that Global benchmark Brent crude is currently trading around $83 a barrel.
Azerbaijan, the third-largest oil producer in the former Soviet Union, after Russia and Kazakhstan, has seen its output decline to around 700,000 barrels a day this year from almost 1 million barrels a day a decade ago. The country expects to keep output steady over the next decades as new oil projects in the Caspian region come on stream, Shahbazov said.
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