Azerbaijan Oil Min: Azerbaijan May Cut Output By 300,000 B/D

Azerbaijan Oil Min: Azerbaijan May Cut Output By 300,000 B/D
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Τετ, 17 Δεκεμβρίου 2008 - 16:48
Azerbaijan may cut its oil production by around 300,000 barrels a day, Azerbaijan's energy minister Natik Aliev told Dow Jones Newswires Wednesday.
Azerbaijan may cut its oil production by around 300,000 barrels a day, Azerbaijan's energy minister Natik Aliev told Dow Jones Newswires Wednesday.

"We (Azerbaijan) need to reduce production until (oil) prices stabilize," said Aliev, who oversees the country's oil industry. "Right now we can produce around 800,000 barrels a day. It is possible we can get to 540,000. So we could reduce by 300,000 (barrels a day) - maybe more, maybe less."

Such an output cut would affect BP PLC's (BP) ACG oil output and would reduce oil flows through the Baku-Tibilisi-Ceyhan pipeline, the minister said.

Aliev said he didn't know how long such a production cut might last.

"We want to decide today," Aliev said.

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