Baku, Azerbaijan, March 11
By Elchin Mehdiyev - Trend:
Global oil prices can not remain at a low level for a long time, Azerbaijani Energy Minister Natig Aliyev said March 11 in Baku.
He made the remarks during a panel discussion titled "The future of energy, the future of global governance" within the framework of the IV Global Baku Forum.
Oil prices are fundamentally important for the oil-producing countries, according to him.
"The fall in oil prices by four times is not a positive factor for the oil-producing countries," he said adding that excessively high price is also not a positive factor for the consumer countries.
We want the price, which would be beneficial to all parties, added Aliyev.
The fall in oil prices affects negatively the exploration and production in the producing countries, explained Aliyev adding that this in turn reduces the production level, so this situation can not last for long.
Oil prices will increase in the future, according to him.
The IV Global Baku Forum titled "Towards a Multipolar world" continues it work in Azerbaijan's capital March 11.
The Forum has been organized by the Nizami Ganjavi International Center in partnership with the Interaction Council, the Club of Madrid, Library of Alexandria, the Club of Rome and World Academy of Science and Culture.
Over 300 delegates from 53 countries attend the forum.
The two-day forum will focus on topical issues such as the role of interreligious dialogue in conflict prevention, migration, multiculturalism, integration and global security. The forum's agenda also includes prospects for energy and global management issues.