Azerbaijani Oil Giant Believes in OPEC+ Ability to Stabilise Market

BAKU (Sputnik) – The OPEC+ format has not exhausted itself despite the group’s failure to agree on output cuts to shore up falling crude prices, the spokesman for Azerbaijan’s state oil giant SOCAR said on Saturday.

He said the OPEC+ group, which includes OPEC members and their allies, such as Azerbaijan and Russia, would likely return to talks on deeper output cuts. He added that some oil producers apparently wanted lower oil prices to put a damper on shale oil exporters.

OPEC+ issued a statement after Friday’s talks, saying it would continue consultations to stabilise the oil market, without mentioning the deeper cuts. Analysts said Russia’s hesitation to deepen production cuts was probably related to concerns that it would lose more market share to US shale oil drillers, who were not members of OPEC+ and were producing at record highs.

Sourse: sputniknews.com