BAKU, Azerbaijan, Jan. 29

Trend:

Both producers and consumers are satisfied with the current oil price level, Azerbaijani President Ilham Aliyev said in an interview with Rossiya-24 TV channel of Russia on the sidelines of the World Economic Forum in Davos, Trend reports.

“As for Azerbaijan, a price of $55 per barrel has been included in our budget for this year,” the Azerbaijani president said. “But the price is much higher now. Therefore, I think that the price will remain within this range of $55 to 65 if there are no force majeure circumstances. Moreover, the OPEC+ format is proving very effective and Azerbaijan takes an active part in the work of this format.”

“We are reducing production in connection with our obligations, and the countries that are not members of OPEC are essentially acting in the same way as OPEC members today,” Ilham Aliyev noted. “Therefore, OPEC+ is a very successful format for multilateral cooperation, which has essentially determined that the price of oil today is fair in our opinion.”

The Azerbaijani president added that the extension of the OPEC+ deal will be discussed in the near future.

“But given the fact that we are seeing specific results, of course, I consider it would be appropriate to extend it,” said Ilham Aliyev. “Because in the event of non-extension, we do not know how the market will react and different speculative trends may appear again. Therefore, I believe that the extension would make sense.”