Natig Aliyev: Currently, it's necessary to quickly intervene in market

Baku. 24 November. REPORT.AZ/ Regardless of decision adopted at OPEC summit on November 30 in Vienna whether it is a production cuts or freezing option, processes will have stimulating impact on rise in oil prices.

Report informs, Azerbaijani Energy Minister Natig Aliyev said in article called "Oil in world market: Realities and Prospects" published in Respublika newspaper.

"We hope that establishment of close relations between OPEC countries and Azerbaijan will create opportunities for the exchange of experience. At the same time

This collaboration will also create favorable conditions for agreement with OPEC about cutting production", the article says.

The minister said that the commitments related to the regulation of the oil market and sharing these commitments between oil-producing and exporting countries will give a message to interested parties in market and price speculation to take more serious measures: "In current situation, where natural and economic factors that lift oil prices up are weak, it is necessary to intervene in market quickly.

If we look at global economy's GDP indices in 2016 and 2017 we could see the decline in economic growth rate in China, India and the euro area Thus, China's GDP shows decline from 6.5% to 6.1% in India from 7.5% to 7.2%, and in euro area from 1.5% to 1.2%."