Petroleum Africa
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Sunday, October 30, 2016
OPEC officials met with non-member oil producing countries on October 29 in an effort to build support for the cartel’s plan to have member countries reduce their crude production. While OPEC members have in principal agreed to scale back production in an effort to boost per barrel prices, cartel members cannot agree on how to implement the deal.
The representative of non-OPEC Azerbaijan was supportive of taking action to help stabilize and increase prices. “Today we will discuss the recognized positions of countries, first of all the OPEC countries,” Azerbaijan’s energy minister Natig Aliyev told reporters before heading into OPEC headquarters.
“Just one week ago we met with the president of Venezuela,” he added. Venezuela has been an advocate of taking measures to prop up prices.
“Venezuela and Azerbaijan agree that some measures will be taken to stabilize the market. We agreed the price of oil can be around $60 per barrel.”
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