Oil producers need to coordinate their efforts to avoid unnecessary rivalry - Aliyev

Azerbaijani President Ilham Aliyev believes that global oil prices will not always be so low.

"Economic development will promote economic activity, and oil prices will rise," Aliyev said at the Fourth Global Baku Forum, titled 'Towards a Multi-polar World'.

"There is place for all of us on this market," he said.

"Producers should coordinate their efforts in order to avoid unnecessary rivalry. I think we will be able to achieve balance between producers, transit countries and consumers in the Southern Gas Corridor project. The project will be implemented if energy and politics are viewed as separate matters," he said.

Energy should not be used as a political tool, and the Southern Gas Corridor will become an additional source of fuel for Europe, the president said. "We will meet the demand of European consumers," Aliyev said.

It is a task of Azerbaijan to fully reduce its dependence on oil and gas, the president continued. "Oil prices have fallen four-fold, and the country has entered into a post-oil period. We need to be active in solving new tasks. The current financial position of the country is stable and predictable because the budget is built on the oil price of $25 per barrel," he said.

The oil fund has enough money for resolution of existent problems, he said.

The chief of state also touched upon transport infrastructures, which are being built with the participation of Azerbaijan. "We are creating transport infrastructures which can draw large quantities of cargo. We are implementing the West-East project; rail lines of Azerbaijan, Georgia and Turkey will be connected this year, and Europe will get the shortest rail route to Asia," Aliyev said.

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