Azerbaijani energy minister says oil prices at $80/b acceptable

"I think that for oil producers, a price of $80 per barrel would be reasonable," Aliyev told Sputnik in an interview.

Aliyev argued that crude producers will have to limit oil output soon so that rising oil prices support their budgets, suffering from rising costs of exploration and drilling, as well as of environmental protection and scientific research.

Another motive to reduce crude output is the current decline of the industry's overall performance, he added.

In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided not to reduce oil output levels, causing an even greater slump in prices.

The current price of Brent Crude Oil stands at around $68 a barrel.