Washington briefing: Azerbaijan, Russia cut oil output as prices fall

by Emil Sanamyan

Published: Saturday December 20, 2008

Azerbaijan and Russia joined with the Organization of Petroleum Exporting Countries (OPEC) in announcing a big cut in oil production this week, news agencies reported.

OPEC producers agreed to cut production from current levels of 27.3 million barrels a day by 2 million, while Russia and Azerbaijan said they would cut production by 300,000 barrels a day each.

The cut would represent a more than 35 percent reduction for Azerbaijan from the current production level of 840,000 barrels a day. Azerbaijani production - most by the BP-led consortium - peaked at over one million barrels earlier this year.

Oil prices have fallen from the high of $147 per barrel in July to under $40 this week.

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The Cafesjian Foundation has taken a difficult decision to close The Armenian Reporter. We regret that we are forced to take this decision after more than eight years of publishing. We thank our readers and all individuals who have contributed to the Reporter. Kathleen Cafesjian Baradaran Chair, Cafesjian Family Foundation





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