Azeri President Ilham Aliyev directed strong reaction to the Organization of Petroleum Exporting Countries (OPEC), as oil prices drop further after every OPEC meeting. He said oil-producing countries are concerned about the possibility of a new OPEC meeting, adding that it would be better to avoid a new meeting since continuously tumbling oil prices are becoming exhausting.
Speaking at a World Economic Forum (WEF) session in Davos, Switzerland, titled "New Energy Equitation," Aliyev said Azerbaijan is ready to appeal to OPEC about oil prices. Stressing that Azerbaijan is not a large oil producer, Aliyev said they might achieve favorable results from their appeal if OPEC members and other big companies outside of the organization are involved in better coordination to reduce oil production.
Aliyev emphasized that mutual trust between OPEC members should be boosted, adding that this downward trend of oil prices will continue if the organization does not make a relevant decision. He said the current trend is not that satisfactory in a period when countries need funds to balance their budgets and investment in social and industrial infrastructure. "Nevertheless, this is the right time for Azerbaijan to conduct reforms," he said. Stressing that the Azeri economy is stable enough to overcome this crisis, Aliyev added that the country wants to best forecast the future in order to plan its budget accordingly.
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