The President of the state oil company of Azerbaijan Rovnag Abdullayev said that the country welcomes the decision by OPEC to freeze oil production in the current year does not intend to increase the level of production of black gold. It is reported TASS with reference to the Azerbaijani ANS TV.
The head of the company noted that the first steps towards the decision of OPEC country has already done. In addition, according to him, this year the level of oil production in Azerbaijan will not exceed last year’s. The country intends to freeze the production of oil, said Abdullayev.
It is worth noting that even in the middle of February, the representatives of the government of Azerbaijan stated that to freeze the level of hydrocarbon production unreasonable, as the country does not play a big role in the global market. This was stated by Deputy energy Minister Natig Abbasov.
It is noteworthy that, at the end of last year, it was known that the volume of fuel production in the country amounted to more than 41 million tons. In 2016, in line with forecasts, it is planned to reduce the level of production of 40 million tons.
Recall the halt in oil production countries need to increase the price of the black gold. Reducing the supply of fuel on the world market will increase demand, and thereby will cause prices to increase.