Azerbaijan ready to freeze oil production at a certain level

Baku. 22 September. REPORT.AZ/ "Azerbaijan is ready to accede to the decision to freeze oil output at a certain level in case if to be adopted in Algeria meeting."

Report informs, SOCAR President Rovnag Abdullayev told reporters.

"We have also agreed to freeze oil production at the previous OPEC meeting", R. Abdullayev said.

According to him, at the informal meeting of OPEC and non-OPEC oil producers in Algeria, September 27-28, Azerbaijan will be represented by Energy Minister Natig Aliyev.

"I think that the market will slowly regulate itself. The price of oil depends on demand, level of oil output in the United States and participating banks. Oil is a stock product and its price is very different from prime cost. This prices is regulated by exchanges. The price of US shale oil will have an impact on the oil price. Once both its prime cost was above 100 USD. As prime cost reduces, the price falls. Shale oil boom affects the oil quotes. Today, the quotes mainly depend more on the US shale oil and banks than OPEC", SOCAR President said.