No plans to freeze oil output in Azerbaijan (UPDATE)

Oil&Gas Materials 16 February 2016 17:13 (UTC +04:00)
Azerbaijan doesn’t plan to freeze the oil output.

Details added (first version posted on 16:21)

Baku, Azerbaijan, Feb. 16

By Maksim Tsurkov - Trend:

Azerbaijan doesn't plan to freeze the oil output, said Natig Abbasov, the country's deputy energy minister.

"Azerbaijan doesn't have a significant share in the world oil production and it [the share] doesn't affect the process of price formation," he told Trend Feb. 16.

"Therefore, freezing the production in Azerbaijan won't have the desired effect," according to the deputy minister.

Earlier, Russia, Saudi Arabia, Qatar and Venezuela expressed readiness to freeze the oil production at January levels as long as others follow the suit.

Azerbaijan produced around 0.8 million barrels of oil per day in 2015, while the global export output was 95.71 million barrels per day.


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