Azerbaijan to back any decision aimed at oil price increase
Baku, Azerbaijan, Oct. 20
By Maksim Tsurkov – Trend:
Azerbaijan will support any decision aimed at increasing the oil price, Natig Aliyev, Azerbaijani energy minister, told Trend October 20.
The minister was commenting on the expectations from the November 30 OPEC meeting in Vienna.
He said Azerbaijan has not yet received an invitation for the Vienna meeting.
OPEC agreed to limit oil production in the range of 32.5-33 million barrels of oil per day at an informal meeting in Algeria on September 28. However, there is no agreement on specific limits for each of the OPEC member-state.
A final decision must be made at the OPEC official meeting in Vienna on November 30. The organization expects a number of other oil-producing countries, especially Russia, to join the measures to stabilize the market.
Oil prices have been decreasing on October 20.
The price of December futures for the North Sea Brent oil mix decreased by 0.95 percent to $52.17 per barrel, while the price of December futures for WTI oil decreased by 0.98 percent to $51.31 per barrel as of 12:55 (GMT+4) on Oct. 20.