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Oil price to climb slowly to $50 per barrel — Azerbaijan's energy minister

April 16, 2016, 21:18 UTC+3

Natiq Aliyev told TASS, that an agreement in Doha to freeze oil output will be "gentlemen-like" as the draft stipulates no control mechanisms

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© AP Photo/Achmad Ibrahim

DOHA, April 16. /TASS/. The oil price will be climbing up slowly and consistently to $50 per barrel by the end of 2016 after big oil producer countries seal a deal in Doha, Azerbaijan's Energy Minister Natiq Aliyev told TASS on Saturday.

"The higher is the price the better," Aliyev said. "But we expect that it will be slowly and gradually increasing towards $50 per barrel by the year's end. The next year we will be satisfied with the price of $60 per barrel.".

Natiq Aliyev told TASS, that an agreement in Doha to freeze oil output will be "gentlemen-like" as the draft stipulates no control mechanisms.

"The agreement is gentlemen-like as the countries realize that the maintained norms of output will suit the joint interests. It does not envisage any control mechanisms and each country should observe its implementation," Aliyev said, adding that he had not received any proposals to create a special supervisory body for monitoring the fulfilment of obligations.

"There is no need in a supervisory body," he said. "No proposals have come since it will have no influence on the countries.".

Aliyev also said, that Azerbaijan is set to sign an agreement to freeze oil output along with other participants in the meeting.

"We are ready to sign the agreement in a form of the draft we have seen," Aliyev said. "We have a complete understanding with Russia, as well as mutual goals and interests."

"We believe that all the delegates who arrived in Doha are set to sign it, or why then they came here," he said.

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