Natig Aliyev: 'Oil production continues to grow'

Baku. 25 April.REPORT.AZ/ 'The UN statistics show that the world's oil production continues to grow and this trend will continue until 2040'.

Report informs, Azerbaijani Energy Minister Natig Aliyev said at 'Caspian & Central Asian Region Downstream Conference: Trade, Logistics, Refining, Petrochemicals' in Baku.

According to N.Aliyev, Caspian region plays an important role as a bridge among China, Asia the West and other regions: 'Every year oil supply exceeds the demand nearly 1,5 billion barrel. But main reason for the drop in prices is related with political reasons as everyone knows, but no one dare say. The countries refused to reduce production in order not to lose their shares in the market'.

The minister has also stated negative impact of Crimea events on gas supplies to Europe: 'Not supplying gas from Russia to Ukraine as a result of known events, has led to not providing 6 European countries with gas. According to the UN statistics, the Caspian and Central Asia region can meet the needs of a wide range of countries. 'Shah Deniz', 'Kashagan' (Kazakhstan-ed.) and 'South Ýolöten' (Turkmenistan - ed.) field makes the Caspian Sea region very exceptional'.