Baku ignored OPEC invitation to discussed oil prices

Baku refused to take part at the technical session of the Organization of Petroleum Exporting Countries (OPEC) on October 21, 2015, where the producing countries will be offered to reduce oil on a stage-by-stage basis to raise the price up to $70.00 per barrel.

In addition to Azerbaijan, some countries non-OPEC members, such as Russia, Kazakhstan, Brazil, Columbia, Mexico, Norway and Oman, have been invited to the meeting. Russian high-ranking officials earlier said the country is not ready to reduce production, however, the Russian delegation will take part at the OPEC meeting.

“We have received an invitation from OPEC. However, Azerbaijani Energy Minister Natig is not going to attend the meeting. Azerbaijan will not take part at the meeting,” Reuters quoted Zamin Aliyev, press officer of the Azerbaijan Ministry of Energy.

Experts believe that the current oil price has been caused to a great extent by the war between OPEC and US, which has started aggressive shale oil extraction. The goal of OPEC is to reduce prices so that the shale oil production projects become unprofitable. The analysts believe that OPEC does not reduce the production and the OPEC leader – Saudi Arabia – has set the record of oil extraction

* Last week at the session of the CIS leaders in Astana Russian President Vladimir Putin said that the Azerbaijani government has discussed several issues, including the world oil prices.—0—