The head of state thinks that reduction of product by OPEC members and non-member countries may stabilize the prices: “The course of events shows that this will happen. However, the sides should be sincere, honest and a mechanism should be created to control the fulfilment of decisions. Currently, the situation in the oil market may cause oil price to stay at $60 even $70 and this is useful for all sides”.
The president added that Azerbaijan always supports such steps and stated this repeatedly: “We unambiguously state that we’ll not increase oil production. For this purpose, we don’t need to wait for any decision. In a sense, this may be called as output freeze”.
Oil price may rise to $70 in current situation - president
18 October 2016
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Today, both oil producers and consumers want oil price to stabilize. Because the cheap oil damaged consumers. Of course, today the economies of the oil producing countries suffering from the current situation, Azerbaijani president Ilham Aliyev said in his interview to Sputnik Azerbaijan agency.
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