Azerbaijan needs less than 50 million tonnes of oil extraction

Independent analyst Gusal Gasimli from Azerbaijan has stated that Azerbaijan should not extract more than 50 million tonnes of oil annually. He says the world economy is still in crisis and demand for oil has not reached pre-crisis levels. He thinks that the oil price will increase in the future and therefore the country should extract only as much oil as it needs for itself.

Gasimli suggests that country will sell its oil at an appropriate time for higher price, when a barrel of oil is worth 100 dollars rather than 70 dollars as it is now.