Azerbaijani Energy Minister calls oil price acceptable for development of domestic economy


February 7, Fineko/abc.az. Azerbaijani Energy Minister Parviz Shahbazov called the price of oil at $60-$70 acceptable for the country's economy.

In an interview for Bloomberg the minister stated that such oil price is favorable for both producers and consumers and will have positive impact on the national economy.

Shahbazov pointed out that the OPEC participating countries and their allies are likely to extend their agreement to cut oil production at the end of this year in order to maintain oil prices. In his view, the agreement will be extended until its next consideration at an upcoming ministerial summit this April.