Natig Aliyev: In order to raise prices, OPEC must reduce production'

Baku. 27 November. REPORT.AZ/ Production decline in Azerbaijan does not affect world oil market. According to estimates, Azerbaijan is ranked 17th in the world for export. 

Report informs, Energy Minister Natig Aliyev said at a briefing for journalists.

"At one point we were suggested to come together and reduce oil production. But I think that there is no need for it. It is possible to increase oil production in Azerbaijan. However, it will not affect the efficiency. Today the companies who have signed a 30-year contract with us offer to extend the term. Because they understand that this is affecting efficiency. The reduction does not affect oil production in the world market."

Minister of Energy clarifying the issue of the OPEC conference, said that he does not see the need to participate in the conference: I don't think this organization will make any sensational decision. Today, OPEC countries produce about 30 million barrels of oil. However, the demand is around 1,2-2 mln barrels. Iran, prepared to produce additional 1 mln barrels daily and all production will be export-oriented. In my opinion, in order to raise prices OPEC member countries must narrow basket of production."