OREANDA-NEWS. May 22, 2009. The next summit of the Organisation of Petroleum Exporting Countries (OPEC) is planned to be held on May 28.

Azerbaijan’s Minister of Industry and Energy Natig Aliyev said Azerbaijan is observer under OPEC for many years, and country’s opinion is taken into account by the Organisation.

“I don’t expect anything from the summit since OPEC’s previous decisions on reducing production resulted in nothing. At the same time, today world prices are stable making USD 60 per barrel. But OPEC considers fair the price of \\$70 per barrel. This will be possible if the global economy stabilizes. Under my estimations, oil market will be stable by end-2009 and the oil price could reach USD 100 per barrel,” Aliyev said.

Azerbaijan adopted state budget with forecast of oil price of USD 70 per barrel and is not going to change it yet.