Azerbaijan, considering the meeting as important for stabilizing oil prices in global markets, decided, with the consent of the country’s president, to participate in it, said the ministry.
The country actively participates in consultations aimed at ensuring the balance in the market and increasing the prices, noted the ministry.
In particular, Natig Aliyev held phone conversations with Russian Energy Minister Alexander Novak, and Baku demonstrates its support to this process, according to the ministry.
The previous meeting was scheduled for Nov. 28. However, the meeting was suspended due to the refusal of Saudi Arabia to take part in it.
OPEC agreed on Nov. 30 to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.
It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.
Azerbaijan to take part in OPEC’s meeting in December
05 December 2016
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Azerbaijan’s Energy Minister Natig Aliyev will participate in OPEC’s meeting with non-OPEC countries that will be held on Dec. 10 in Vienna, the Azerbaijani Energy Ministry told AzVision.az Dec. 5.
