Azerbaijan supported the initiative of the OPEC and is willing to freeze oil production at the level of January 2016. As reported by Reuters, said the head of the state oil company of Azerbaijan (SOCAR) Rovnag Abdullayev.
“SOCAR supports the initiative of the OPEC and is willing to freeze oil production at the level of January 2016. Already made some steps in this direction,” Abdullayev noted.
On 16 February, the Deputy Minister of energy of Azerbaijan Natig Abbasov noted that Azerbaijan is not considering the possibility of freezing of oil production at the January level.
Oil production in Azerbaijan in January 2016 fell to 3.5 million tons from 3.6 million, and the state oil company of Azerbaijan reduced production up to 647 thousand tons with 712 tonnes a year earlier.
The government of Azerbaijan forecasts oil production in 2016 at the level of 40.7 million tons.