President Ilham Aliyev: Azerbaijan ready to support further oil output reduction

Baku. 19 January. REPORT.AZ/ Azerbaijan is ready to support the further reduction of oil output in case of such a decision to be adopted by OPEC and non-OPEC countries. 

Report informs referring to the RIA Novosti, President of Azerbaijan Ilham Aliyev said in Davos.

"We made a commitment to reduce production by 35,000 barrels per day, and will continue to apply this decision. The process has already begun We participated in the OPEC and non-OPEC meeting, we were invited, so we meet our obligations", President Ilham Aliyev stated.

"For the present, we have reduced output by 35,000 barrels, and then we'll see. If it is decided on additional reduction, then, naturally, we will support it, because we agree that here, all countries should earnestly participate in the process", he added.

OPEC meeting on 30 November 2016 agreed to reduce oil output by 1.2 million barrels per day - up to 32.5 million barrels for the stabilization of prices in market. At the meeting in Vienna on December 10, non-OPEC countries agreed to reduce total oil output by 558,000 barrels per day. The agreement covers the first half of 2017 with possibility of extension.