04:31 GMT06 August 2021
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    Azerbaijani Energy Minister Natig Aliyev claims that global oil prices are due to stabilize at $80 per barrel soon that will constitute an acceptable bid for all market participants.

    BERLIN (Sputnik), Svetlana Alexandrova — Global oil prices are due to stabilize at $80 per barrel soon that will constitute an acceptable bid for all market participants, Azerbaijani Energy Minister Natig Aliyev told Sputnik Wednesday.

    "I think that for oil producers, a price of $80 per barrel would be reasonable," Aliyev told Sputnik in an interview.

    Aliyev argued that crude producers will have to limit oil output soon so that rising oil prices support their budgets, suffering from rising costs of exploration and drilling, as well as of environmental protection and scientific research.

    Another motive to reduce crude output is the current decline of the industry's overall performance, he added.

    Global oil prices have dropped by some 50 percent since summer 2014, inflicting losses to economies heavily reliant on energy exports, including Azerbaijan, Iran and Russia.

    In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided not to reduce oil output levels, causing an even greater slump in prices.

    The current price of Brent Crude Oil stands at around $68 a barrel.


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