OPEC Secretary-General calls on Azerbaijan to reduce oil production

  10 November 2015    Read: 595
OPEC Secretary-General calls on Azerbaijan to reduce oil production
Countries outside OPEC, should reduce the supply of oil, while OPEC not to reduce its stake below 40%, RIA Novosti reports quoting OPEC Secretary General Abdullah al-Badri.
The reduction of investments in the sector by $ 130 bn will lead to an increase in oil prices.

However, the reduction of quotas by OPEC by 1.5 mln barrels a day which will take place at the meeting on 4 December, will help balance the oil market, Bloomberg reports OPEC Secretary General.

"We need a price which will help oil producing countries to invest and consumers - to buy. States should work together. We need to stabilize the market," al-Badri said.

Since the beginning of the summer of 2014 to early 2015, oil prices have droped almost twice - from 100 to 45$ per barrel of Brent. The collapse in prices in the past year enhanced the OPEC`s decision from 27 November to maintain the oil production quota at 30 mln barrels per day.

Azerbaijan, Brazil, Colombia, Kazakhstan, Norway, Mexico, Oman, Russia were invited to the meeting OPEC meeting, which took place on October 21 in Austria.

Azerbaijan refused to participate in the meeting.

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