Azerbaijan ready to extend output cut deal

Azerbaijan is ready to make deeper cuts in oil output if OPEC agrees to extend a deal on output cuts into the second half of this year, Azerbaijan's energy ministry spokeswoman Zamina Aliyeva said.

"Azerbaijan is interested in the extension of the oil output cut deal. If such a decision is taken in May, we will support it… We are in close contact with Russia regarding all talks on stabilization of the oil prices within OPEC. Close cooperation of all oil producing states is necessary for stabilization of oil prices," Sputnik cited Aliyeva as saying.

Azerbaijan agreed in December to cut its daily oil output by 35,000 barrels per day, but it has cut by 52,700 barrels a day in February to 776,400 barrels per day over the course of the month.