DAVOS (Sputnik) — Azerbaijan is prepared to commit to an additional reduction in oil output if the Organization of the Petroleum Exporting Countries (OPEC) and oil producers outside the cartel strike a new deal, the Azerbaijani president told Sputnik on Thursday.
"By now, we are planning to stick to this [our] 35,000 barrels reduction obligation, and afterwards we will see. If there is a decision on additional reduction, we will support it," President Ilham Aliyev said on the sidelines of the Davos economic forum in Switzerland.
"It will be decided depending on the implementation of previous agreements," Aliyev replied when asked whether he expected a new deal on oil output cuts to be agreed at the OPEC meeting in Vienna.
The leader of the oil-rich Central Asian nation said there would be no need for more cuts by OPEC and non-OPEC producers if global crude prices stabilized.
OPEC member states agreed last November to cut oil production by a total of 1.2 million barrels a day to 32.5 million barrels starting in 2017. At a meeting in December, non-OPEC oil producers, including Azerbaijan, agreed to reduce their collective output by 558,000 barrels a day, with Russia committing to a cut of 300,000 barrels.
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