The decision to reduce oil production, taken on the basis of the OPEC+ meeting, is an important step for the development of the oil market and the oil industry, said Azerbaijani Energy Minister Parviz Shahbazov, commenting on the cartel’s decision, says a press-release of the country's Energy Ministry.
'Recently, under the influence of political and economic factors, the price of oil has decreased, the process has acquired a long-term character. The predominance of production over consumption, forecasting a decline in the global economy for the next year as well ensured a fall in prices. The only support to the oil market could be provided only by OPEC+ countries. Today’s decision has become an important step for oil producers, the oil market and the future of the oil industry,' said Azerbaijani energy minister.