Ilham Aliyev: Azerbaijan has no plans to increase its oil production

Ilham Aliyev: Azerbaijan has no plans to increase its oil production

Azerbaijan will not increase its oil production, without even waiting for other decisions, the Azerbaijani President Ilham Aliyev said today.

Aliyev told Rossiya Segodnya that this year is headed toward a surplus because of the $25 per barrel price outlook in the budget that had to be revised. 

"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," Sputnik cited Aliyev as saying.

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. 

He noted that the oil market is due to reach the price tag of $60-70 per barrel.

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