"We unilaterally declare that we will not increase oil production, without even waiting for other decisions," Aliyev told Rossiya Segodnya International Information Agency’s Director General Dmitry Kiselev.
Azerbaijan sees no risk to its budget with changing oil prices because its 2017 financial plan envisions the price of $40 per barrel, President of Azerbaijan Ilham Aliyev told Sputnik.
"Next year we are including $40 [per barrel]. We think it should not fall lower, so in principle this does not create any additional difficulties for us," Aliyev said, noting only the need to cut public investment projects. "That would benefit everyone: companies that would get the opportunity to invest, and producing countries that could obtain the funds for various projects," Aliyev said.
On September 28, the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement on the sidelines of an international energy forum in Algeria. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. OPEC also decided to establish a technical committee to identify the production volume of individuals member countries. The date of the oil output freeze is expected to be presented at the cartel's upcoming meeting in November.
He noted that the oil market is due to reach the price tag of $60-70 per barrel.
