15:25 - 14.04.2020

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April 14, Fineko/abc.az. The decline in oil prices has conditioned the restoration of the OPEC+ format.

ABC.AZ was made such a statement by MP Vugar Bayramov, when he was commenting on the oil production cuts.

According to the MP, not only Russia and Saudi Arabia, but also the U.S are showing an interest in preventing a sharp decline in oil prices on world markets.

Bayramov believes that the restoration of the OPEC+ format is also regarded as an initiative of Donald Trump: "Naturally, the agreement signed in the OPEC+ format has historical significance in two aspects. First, OPEC+ has never accepted such a reduction in oil volumes. In practice, OPEC, in particular, after the formation of OPEC+, agreed to the largest reduction in production. Second, the final decision of the OPEC+ format also means the end of the oil war, since, to put it mildly, the war between Saudi Arabia and Russia was accompanied by a sharp drop in the oil market."