"Oil prices have fallen to one third or one fourth [of their previous value]. This has, of course, been a significant challenge for us. But are enduring the challenge honourably. We see that in such a time, society came closer together and solidarity strengthened. We see even greater support for our policies. Of course, this inspires us even more, giving us strength and spurring us to take further action. The year 2016 will be remembered in history as a year of economic stabilization. And next year, we will resume successful economic development," Aliyev said, as quoted by the presidential press service on Saturday.
In May, Azerbaijani Energy Minister Natig Aliyev predicted that global oil prices will grow gradually until the end of 2016, yet no sharp increases are expected.
Previously, Azerbaijan took part in the Doha oil producers' meeting, which failed at getting all sides to agree to an output production freeze in order to reduce the glut in global supply and boost oil prices. Azerbaijan was a proponent of the freeze, announcing its support for the initiative.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply. Prices have rebounded since January, gaining over 70 percent by May and reaching $50 per barrel in early June.
