Natig Aliyev: Oil price at $ 60/barrel satisfies both producers and consumers - EXCLUSIVE

Istanbul. 6 April. REPORT.AZ/ "We observe relatively stable prices in global oil market this year", Azerbaijani Minister of Energy Natig Aliyev told Report.

“We can compare this with 2016. Oil prices in world market dropped to 30 USD/barrel. We were feeling that this would cause a serious harm to economy”, he said.

The minister thinks that decisions to cut production by both OPEC and non-cartel countries were reasonable: “3 months passed since beginning of the year. We already feel stability of oil prices in global market. We will continue this way. As you know, a monitoring group was established and the group analyses how the decision is being fulfilled. Big fluctuations in oil prices will not bring benefit to anybody. We want the oil prices to remain stable”.

N. Aliyev also stressed importance of predictability of upward and downward trends in oil prices: “This depends on economic factors. In May, OPEC and non-OPEC countries will hold a meeting in Vienna. New decisions may be taken depending on reports of monitoring group. Which proposals can be made, to keep production volume or to take additional steps. As an oil producing country we are interested in stability of oil prices. Today oil price at 60 USD/barrel satisfies both producers and consumers. That’s why, we will try to keep oil prices at this level. If its remains, it will bring a significant benefit to Azerbaijan."