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Azerbaijan has no intentions to boost oil production — president

October 18, 2016, 17:10 UTC+3

According to the president, the price of oil of $60-70 per barrel would be beneficial to all producing countries

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© AP Photo/Dmitry Lovetsky

MOSCOW, October 18. /TASS/. Azerbaijan does not intend to increase oil production irrespective of decisions producing countries may take, President Ilham Aliyev said on Tuesday in an interview with Rossiya 24 TV Channel.

"We reiterated we will not unilaterally boost oil output, even without waiting for any other decisions," Aliyev said.

"The general mood in favor of increasing oil prices to $60, maybe up to $70. It would be beneficial, I think, to all - companies, producing countries and consumers," he said, noting that Azerbaijan has repeatedly supported the decision.

At the same time, Aliyev noted that the price of oil in 2017 is unlikely to fall below $40. "We have a budget this year, calculated on the price of $25 per barrel, and thus we conclude this year with a surplus. The following year, we include oil price of $40. I think, the price should not fall below this point," he said.

On September 28, OPEC member-nations reached an agreement on Wednesday to limit the average daily oil production by 32.5 mln barrels. The Organization will discuss production limits of each member-nation at the next meeting in November.

Speaking at the congress, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said oil prices could reach $60per barrel by the end of the year.

Russian President Vladimir Putin said earlier Russia was ready to join the decision on freeze or reduction of crude production, which is important for keeping stability on the oil market. "In the current situation we consider the freeze or even reduction of crude production to be probably the only correct decision to keep the sustainability of the whole global energy (market)," Putin said, adding that the move would help the market to regain equilibrium.

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