12 Oct 2017 15:54

Azerbaijan to contribute further to stabilizing oil prices

BAKU. Oct 12 (Interfax) - Azerbaijan is prepared to make a further contribution to the stabilization of world oil prices, Deputy Energy Minister Natik Abbasov said at the Argus 2017 summit in Baku.

The growth in oil prices since the start of his year shows that the steps taken by oil producing nations were "the right ones," Abbasov said. Azerbaijan was one of the first countries to back OPEC's initiative to reduce oil production in order to stabilize world prices and "is still honoring its commitments in full," he said.

"Azerbaijan is prepared in the future also to make its own contribution to the common cause of stabilizing oil prices," he said.

Azerbaijan pledged under the agreement between OPEC and non-OPEC countries to cut its oil production by 35,000 barrels per day to less than 800,000 barrels.

In December last year an agreement to cut oil production was signed by 24 countries, both members and non-members of OPEC. OPEC countries pledged to cut oil output 1.2 million bpd in H1 2017 and non-OPEC countries by 558,000 bpd compared to October 2016. In May, participating countries decided to prolong the agreement for another nine months, until March 2018 without changes to quotas or the countries taking part.