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Azerbaijan to attend OPEC meeting in Vienna

Xinhua, October 25, 2016 Adjust font size:

Azerbaijan's energy ministry on Monday said it has received an invitation for the meeting of the Organization of Petroleum Exporting Countries (OPEC) to be held at the end of October in Vienna, Austria.

Azerbaijan's Energy Minister Natig Aliyev will reportedly represent the country at the OPEC High Level Committee meeting to take place at OPEC's Vienna headquarters around Oct. 28-31, the ministry's spokesperson said.

Earlier, commenting on the expectations from the upcoming Nov. 30 meeting of OPEC in Vienna, Energy Minister Natig Aliyev said that Azerbaijan will support any decision aimed at increasing the oil price.

This meeting will formulate basic interaction mechanisms. The main topic of discussion will be reducing or freezing crude oil production, as well as possible increase in the current prices at this expense.

The Organization of Petroleum Exporting Countries (OPEC) on Sept. 28 agreed to cut oil production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion, in a surprise move aimed at boosting stubbornly weak crude prices.

The deal was reached after several hours of talks in the Algerian capital, though output levels must still be finalized at an OPEC meeting in Vienna in November.

Oil prices were as high as $100 a barrel in mid-2014. But the global oversupply caused prices to plunge to as low as 26 U.S. dollars a barrel in February. In recent months, oil prices have rebounded a bit and oil is currently hovering near $50 a barrel. Endit