“Countries must use not only oil and gas, but also all energy sources”, Minister of Energy Natig Aliyev said at the panel titled “The future of energy, the future of global governance?” held as part of the 4th Global Baku Forum.
Every country must have its energy policy, use existing energy sources, he noted: “Azerbaijan is an oil producing country. Even Azerbaijan produced oil mechanically 100 years ago. The country has energy reserves which will meet its demands for long. At the same time, our climate is useful for production of renewable energy. Though we are oil and gas producing country, we are studying experience of Italy, Spain and European countries in production of renewable energy”.
The minister said the next decade will be an alternative and renewable energy period for Azerbaijan.
Global oil prices can not remain at a low level for a long time, he said.
Oil prices are fundamentally important for the oil-producing countries, according to him.
“The fall in oil prices by four times is not a positive factor for the oil-producing countries,” he said adding that excessively high price is also not a positive factor for the consumer countries.
We want the price, which would be beneficial to all parties, added Aliyev.
The fall in oil prices affects negatively the exploration and production in the producing countries, explained Aliyev adding that this in turn reduces the production level, so this situation can not last for long.
Oil prices will increase in the future, according to him.
Azerbaijan
11 March 2016
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