23:18 GMT +319 February 2018
Listen Live
    The Baku Aquatics Centre, one of the venues of the 2015 European Games stands in the background, as an oil pump works a nearby field in Baku, Azerbaijan.

    Decrease of Oil-Exporting States’ Revenues Amid Low Prices 'Unfair' – Azerbaijan

    © AP Photo/ Dmitry Lovetsky
    Business
    Get short URL
    1410

    A decrease of revenues of the oil-exporting countries amid low oil process is unfair, President of Azerbaijan Ilham Aliyev said Saturday.

    BAKU (Sputnik) – The economic situation urged the Organization of the Petroleum Exporting Countries (OPEC) to agree in late September on cutting its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. Further details of the deal are due to be unveiled at the group’s meeting in November.

    “That is unfair and the balance must be restored. I am sure that in that case everybody will be able to get profit and the balance of interests will be ensured. The oil-exporting countries have been facing serious losses for two years. Revenues of these countries including Azerbaijan are decreasing, which is unfair. The justice must be restored,” Aliyev said at the joint press statement with his Venezuelan counterpart Nicolas Maduro.

    The oil prices dove down in 2014 following a few very profitable years and have been struggling to recover ever since, with a recent International Monetary Fund’s (IMF) prognosis predicting little significant growth in the next five years.

    Related:

    Non-OPEC States Should Cooperate to Help Raise Oil Prices - Azerbaijan President
    OPEC, Non-OPEC States Ready to Sign Agreement on Oil Output Freeze - Maduro
    Maduro Visits Azerbaijan for Talks on Oil Price Stabilization
    Tags:
    oil, Ilham Aliyev, Venezuela, Azerbaijan
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment