Azerbaijan will not ramp up its production or exports of oil, the country's president, Ilham Aliyev, said.


"I would like to reiterate that Azerbaijan unilaterally undertakes not to increase production or exports of oil. This is necessary in terms of stabilizing the oil market, oil prices," Aliyev told the press in a statement made together with Venezuelan President Nicolas Maduro on Saturday.


In his view, other oil producing countries will uphold this approach and take similar steps. "It's only in this way that the oil market can be stabilized and a fair oil price determined," Maduro said.


Aliyev believes that this matter requires some coordinated activity from the OPEC member states that should be working together with other oil producing countries. "Right decisions must be made and a strong mechanism to control their implementation introduced. Once this is done, we will see oil prices grow to a necessary level in the nearest future. The balance in the oil market is disturbed these days and therefore, oil-rich countries have problems. So there is a need to restore this balance and remove the existing unfairness," he said.


Aliyev emphasized that this is a win-win decision, the one that will make different interests balanced.


Maduro makes a big effort in order to restore the faith in fairness among OPEC countries and other nations, Aliyev added. "I wish this mission success. Azerbaijan has already expressed its position. Now we are expecting similar steps from other countries," Aliyev said.



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