"Quotas are already set. If oil prices do not rise to the required level, we will incur additional losses. We need to know that these losses can be about $700 million, or maybe even $1 billion. Therefore, we must take our steps now", Aliyev said during a video conference with the government.
According to the agreement, oil production in Azerbaijan will be reduced this year, he said.
"We need to know that the agreement between OPEC and non-OPEC countries imposes obligations on us. I want to say that Azerbaijan has always played a very active role in OPEC+", the president said.
On 12 April, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day in May and June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.