22 October 2016, 15:55 GMT
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.
