Azerbaijani President Ilham Aliyev stated that his country is not ready for the further reduction in oil prices.

“Frankly it is a little bit exhausting, from a psychological point of view, not to mention that countries need to balance their budgets”, Ilham Aliyev said at the World Economic Forum in Davos.

The Azerbaijani President also joked about the influence of OPEC on the oil quotations.

“Unfortunately, after each meeting of OPEC oil prices decline. Therefore, we are very concerned about the possible future meetings. Maybe it's better not to have them?”, said the President of Azerbaijan.

Ilham Aliyev called for the coordination and strengthening of trust between OPEC countries and large oil-producing countries that are not members of the cartel.

“If it does not happen, OPEC would not be able to make decisions. And the timing on when the oil price will reach “bottom” will be unclear in case of absence of decisions. Every day we think this is the bottom, and then we see lower prices”, said the President of Azerbaijan.

“We have preparing for the so-called “post-oil” era in Azerbaijan in some 20 years. It came as a surprise to us, and at the same time it was a stress on our economy”, said Aliyev.

"It's hard to expect that oil prices will decline more, although, given the current situation, it will not be a surprise”, confessed  the President of Azerbaijan .