Azerbaijan ready to support extension of oil output cut deal

Azerbaijan's Energy Minister Natig Aliyev said that Baku would support the extension of the global oil output cut deal if it was agreed.

"I think that December’s decision had impact on the market and oil price remained at around $50-60. Therefore, I think the agreement should be extended in order to keep the stability. This decision is in favour of Azerbaijan," APA cited  the minister as saying.

Natig Aliyev recalled that OPEC and non-OPEC countries will discuss the report of Monitoring Group at an extra-ordinary meeting on May 24. "Depending on these discussions, it will be passed a decision whether the agreement will be extended or not," he added.