Azerbaijan supports initiative of Russia, some OPEC countries to free oil extraction - SOCAR president
BAKU. March 6 (Interfax) - Azerbaijan supports the initiative of Russia and some OPEC countries to freeze oil extraction, Rovnag Abdullayev, president of the Azeri state oil company SOCAR, said in an interview with ANS television.
"We support the proposal to freeze oil extraction. I can say that the level of oil extraction in Azerbaijan will not be higher in 2016 than it was in 2015," Abdullayev said.
He said the implementation of protects aimed at boosting oil extraction has already been suspended.
In January 2016, oil extraction in Azerbaijan reached 3.5 million tones (a 4.1% decrease), and SOCAR extracted 647,000 tonnes of oil (a 9.2% decrease).
The government of Azerbaijan projects oil extraction in 2016 at
40.7 million tones. In 2015, oil extraction in Azerbaijan reached 41.6 million tones.
Russia and three OPEC countries earlier reached an agreement to freeze oil extraction at the level of January 2016 if other oil-extracting countries join the initiative. The oil-extracting countries are expected to formalize the agreement on freezing oil extraction at the upcoming meeting.
