Another country will freeze its oil production this year

Azerbaijan, one of the major oil producers in the world, will freeze its crude production for one year, in accordance with the Russian initiative, in which other OPEP countries participate. The project of freezing oil production was confirmed by the Azerbaijan oil president, Rovnag Abduláev.

“We support the proposal of freezing the freeze production”, said Abduláev.

Azerbaijan is one of the countries that suffer the most from the low cost of oil crude, forcing them to stop many projects in order to increment oil production.

This past January, their oil production feel for 4.1% in relation to last year.

The Bakú government forecast that in 2016, the oil extraction will be around 40,74 million tons, almost one million less compared to last year. (I)

Original source in Spanish: http://expreso.ec/economia/otro-gran-jugador-congelara-la-produccion-de-petroleo-este-ano-BB120571