Baku, Azerbaijan, Oct. 12
Azerbaijan fully meets its own demand for oil and gas, the country’s Deputy Energy Minister Natig Abbasov said.
Abbasov made the remarks at the Argus Azerbaijan International Petroleum Summit 2017 in Baku Oct. 12.
According to him, thanks to the OPEC+ agreement on the reduction of oil production, it was possible to stabilize oil prices on the world market.
“Of course, the fall in oil prices slows down the economic development of its producers and affects long-term plans. However, the fact that so many producing countries could agree on cutting production is a historic achievement. This decision significantly stabilized oil prices,” noted Abbasov.
Even despite the decline in production in Azerbaijan under the agreement, the country fully meets its own demand for hydrocarbons, added the deputy minister.