Azerbaijani president: If OPEC+ countries cut oil production, price will remain $60-$70 a barrel

Azerbaijani president: If OPEC+ countries cut oil production, price will remain $60-$70 a barrel

Baku, Azerbaijan, Jan. 29

Trend:

If all countries of OPEC+ take a responsible approach to the fulfillment of commitments to reduce oil production, then the price will probably remain in the range of $60-$70 per barrel, President of Azerbaijan Ilham Aliyev said in an interview with the TV channel Russia-1 in Davos.

Speaking about what should be expected from the oil market and the prices in 2019, he said that everything will depend on how the agreements countries have reached within the OPEC+ format are implemented

"Azerbaijan, for its part, has taken the necessary measures and made commitments to reduce oil production, and we are honoring these obligations. Therefore, I think that if all countries take a responsible approach to this issue, then the price will probably remain in today's range - $60-$70 per barrel. Although it is very difficult to make a prediction for the whole year, I think, and according to most analysts, this range may be realistic and also most suitable for companies, for exporting countries and for consumers," the president said.

Answering the question about the US oil and gas companies deciding to leave Azerbaijan after 25 years, President Aliyev said this practice has existed before as well.

"Azerbaijan has been successfully working with international companies on the exploration and development of major oil and gas fields in the Azerbaijani sector of the Caspian Sea for 25 years. Over the years, some companies have sold their shares and others bought them. So it is a natural process," he said.

"I have to say that Azerbaijan's oil and gas projects are very profitable. Over the past 15 years, about $250 billion have been invested in our economy. Half of this investment is foreign and most of it was channeled into the oil and gas sector. Export oil and gas pipelines were also built, allowing us the opportunity to transport our oil in many directions. Therefore, the profitability of oil and gas projects is increasing," the president noted.

President Aliyev noted that each company has its own investment policy and strategy, and some prefer to leave a project by selling its shares.

"I should say that over 25 years, our main energy partners have long recovered all their costs and made major profits. Therefore, I think that the decision of American companies to sell their shares is quite natural, and who will buy them will depend on who they offer them to. Of course, Azerbaijan as a host country of resources has the right to approve or reject these transactions. But, as a rule, all previous transactions have been approved by us," President Aliyev added.

Kazakhstan prohibits tours to coronavirus-exposed countries
Kazakhstan prohibits tours to coronavirus-exposed countries
Kazakhstan’s oil producing company announces tender to buy UPS
Kazakhstan’s oil producing company announces tender to buy UPS
Kazakhstan’s oil producing Karazhanbasmunai company to buy fuel via tender
Kazakhstan’s oil producing Karazhanbasmunai company to buy fuel via tender
Loading Bars
Latest
MiG-29k fighter jet crashes near Goa, India
Sanders scores decisive win in Nevada, Biden headed for second-place finish
Armenia violates ceasefire with Azerbaijan 21 times on Feb.22- Feb.23
Azerbaijani gas to give leverage to Italy in talks with other suppliers: French expert
At least 7 dead in Ecuador traffic accident
China’s LNG demand to drop amid coronavirus outbreak
President Ilham Aliyev completed state visit to Italy (PHOTO)
President Ilham Aliyev and first lady Mehriban Aliyeva viewed Sistine Chapel and St. Peter's Basilica in Vatican (PHOTO)
First Vice-President Mehriban Aliyeva awarded highest Papal Order of Knighthood in Vatican (PHOTO)
Sanders projected for decisive win in Nevada, Biden on track for second place
At least 7 dead in Ecuador traffic accident
Shooting reported at shisha bar in Germany's Stuttgart, no injuries
9 dead, 5 injured as vehicle falls into deep gorge in Indian-controlled Kashmir
5.5-magnitude quake hits West Chile Rise
Now to end 'long suffering': South Sudan's former rebel leader sworn in as first vice president
IMF chief, Argentina flag path to new debt deal after G20 meet in Riyadh
France's Macron: unclear if EU-Britain to have trade deal by year-end
Ten new cases of coronavirus in Iran, two dead
Roger Waters of Pink Floyd joins Assange supporters in London protest march
Ethiopia plans to release interim jet crash report as probe continues
Khyber Pakhtunkhwa Provincial Assembly of Pakistan adopts resolution on reaffirming respect to territorial integrity of Azerbaijan
EU-wide Karabakh rally held in Berlin
Facial recognition company Clearview AI probed by Canada privacy agencies
Azerbaijani CEC annuls voting results of one more polling station
Azerbaijani CEC upholds district election commission’s decision on 30th Surakhani constituency
Azerbaijani CEC annuls voting results of one more polling station
Director General: Central Bank to meet Iran's trade needs
Azerbaijani CEC annuls voting results of one poling station in Yevlakh constituency
Azerbaijan’s President Ilham Aliyev, First Lady Mehriban Aliyeva meet with Vatican Secretary of State Cardinal (Photo)
Azerbaijan’s President Ilham Aliyev, First Lady Mehriban Aliyeva meet with Pope Francis in Vatican (PHOTO)
Political analyst: Signing of Joint Declaration by Azerbaijan with G7 member Italy is extremely important
Iran’s Guardian Council discloses number of complaints during parliamentary elections
Meeting on parliamentary election results kicks off in Azerbaijani CEC
Production of some industrial products down in Iran
Production of some chemicals and petrochemicals up in Iran
Iran’s Shazand Oil Refining Company opens tender to buy equipment
EU-wide Karabakh rally to be broadcast live (PHOTO)
Production of mining materials up in Iran
Azerbaijan’s PMD Group continues construction of residential complex in Sumgayit
WHO concerned about coronavirus cases with no clear link
Azerbaijan's dairy products become more popular abroad
Kazakhstan prohibits tours to coronavirus-exposed countries
Uzbekistan boosts production of light vehicles
Central Bank's short-term notes put up on Baku Stock Exchange
Kazakhstan’s oil producing company announces tender to buy UPS
Italy to support protection and promotion of Azerbaijani historical monuments
Small enterprise to open in Azerbaijani district
Kazakhstan’s oil producing Karazhanbasmunai company to buy fuel via tender
SOCAR discloses payments to state fund
Turkmengas State Concern opens tender for equipment inspection
Iranian currency rates for Feb. 22
Turkey increases exports of citrus fruit to Georgia
ERIELL continues development of new wells in Uzbekistan
Turkey increases export of petroleum and petroleum oils to Georgia
Malaysia says American coronavirus case now tests negative for virus
Georgia cuts knitwear exports to Turkey
Georgia increases export of flours, meals and pellets to Turkey
Kazakh oil extracting company Ozenmunaygaz opens tender to rent equipment
Weekly review of Azerbaijan's precious metals market
Weekly review of Azerbaijani currency market
Uzbekistan holds talks with Egypt's El Sewedy Electric
Azerbaijan is not only of strategic importance to Italy, but whole EU: Dutch expert
US sends protective equipment to Uzbekistan amid coronavirus spread
Iran announces parliamentary election results in more constituencies
Over 6,000 kilometers of roads laid in Azerbaijan within five years
Georgia increases export of ferro-alloys to Turkey
Armenia violates ceasefire with Azerbaijan 23 times on Feb.21- Feb.22
Epsilon expanding gas transmission infrastructure in Uzbekistan
Baku to host Fintech Summit 2020 exhibition on financial technologies
Even if JCPOA eliminated, Iran-Turkey trade to remain consistent - Chamber of Commerce
Turkmenistan discloses funds allocated for construction of new regional center
President Ilham Aliyev viewed building designed to host Azerbaijan Culture Center in Rome (PHOTO)
Next generation pilots in Azerbaijan to be trained on Italian M-346s
Japan confirms four more virus cases, to close a school for two days
Iran's stock market trade grows
Cost of Kazakh, Kyrgyz border checkpoints modernization revealed
President Ilham Aliyev met with mayor of Rome (PHOTO)
Iran's 11th parliamentary election results for 23 constituencies announced
Georgia notes benefits of Southern Gas Corridor for country
Turkey reveals data on its chemical products export to Iran
Death toll of flash flood rises to 7 in Indonesia
London police charges man over stabbing attack at mosque
Wuhan virus to more severely affect oil market with prolonged containment
S. Korea reports 142 more cases of novel coronavirus, total soars to 346
Macron says France, Germany call for ceasefire in Syria’s Idlib
Sanders blasts Russia for reportedly trying to boost his presidential campaign
China reports 397 new confirmed cases of coronavirus on mainland on Feb.21
British passengers from virus-hit cruise ship due to arrive home
First patient dies from coronavirus in Italy
Qatar Airways freighters depart for China with coronavirus medical relief
UAE records two new coronavirus cases, total number reaches 11
No decision in US on possible deployment of Patriot systems in Turkey
Zarif, UN chief discuss Afghanistan's latest developments on phone
WHO officials say coronavirus outbreak in Iran is ‘very worrisome’
Swiss UBS revises oil price forecast amid coronavirus
Hong Kong to allocate 3.85 bln USD for fight against epidemic
Uniper sells important component of Central Germany's energy supply
Integrated subsea contracts reach record high in 2019
Companies interested in acquiring Greek DEPA revealed
Oil prices to fall sharply if OPEC leaves quotas unchanged
All news