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Azerbaijan is ready to slash oil output by 300,000
Azerbaijan is ready to slash oil output by 300,000 bpd if the Organization of Petroleum Exporting Countries (OPEC) announces production cuts on Wednesday, the country's industry and energy minister said.

"We have a real possibility to cut [production] by up to 300,000 barrels per day," Natik Aliyev said. "We currently produce 840,000 [barrels of oil], and we will keep oil output in Azerbaijan at 540,000 [barrels of oil] within the next few months."

OPEC is set to hold an extraordinary meeting in Algeria on Wednesday to decide on further reductions in oil production amid weak global oil prices. The cartel is expected to decide to reduce production by some 2 million barrels a day.

World oil prices have fallen by more than 60% from a record high of $147 per barrel in July to under $50, as the global credit crunch has reduced demand for fuel.

Aliyev said the South Caucasus nation considered a crude price of $65-80 per barrel as fair, adding that the country could eventually join the world oil cartel.

Russia, which accounts for over 10% of global oil output, is also expected to support OPEC's decision on oil output cuts.

Russian President Dmitry Medvedev said earlier Russia could cut crude production by 200,000-300,000 barrels per day to regulate oil prices.

Russia, Azerbaijan and other non-OPEC countries have been invited to attend the world cartel's summit in Algeria.


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