Azerbaijan set to sign agreement to freeze oil output along with other participants - minister
Baku, Azerbaijan, April 17
The draft agreement of oil-producing countries, which is expected to be signed on April 17 in Doha, involves "freezing" of production until October at the level of January 2016, Natiq Aliyev, Azerbaijani energy minister, told TASS.
"The draft agreement is small. It sounds as follows: the countries, gathered in Doha, came to the conclusion that with an eye to bring the price of oil in order, they agreed to keep production until October at the level of January 2016", the minister said.
Aliyev also said, that Azerbaijan is set to sign an agreement to freeze oil output along with other participants in the meeting.
He said, that an agreement in Doha to freeze oil output will be "gentlemen-like" as the draft stipulates no control mechanisms.
"The agreement is gentlemen-like as the countries realize that the maintained norms of output will suit the joint interests. It does not envisage any control mechanisms and each country should observe its implementation," Aliyev said.
"There is no need in a supervisory body," he said. "No proposals have come since it will have no influence on the countries".
The minister also said, that the oil price will be climbing up slowly and consistently to $50 per barrel by the end of 2016 after big oil producer countries seal a deal in Doha.
"The higher is the price the better," Aliyev said. "But we expect that it will be slowly and gradually increasing towards $50 per barrel by the year's end. The next year we will be satisfied with the price of $60 per barrel".