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Azerbaijani Energy Minister to attend OPEC+ Ministerial Meeting

Azerbaijani Energy Minister to attend OPEC+ Ministerial Meeting

Economy
05 June 2020, 17:54 145
Azerbaijan’s Minister of Energy Parviz Shahbazov will participate in the meeting of the ministers of OPEC+ countries, Trend reports citing the Azerbaijani Energy Ministry.
According to the ministry, the meeting of OPEC ministers will be held in a video conference format at 16:00 (GMT+4) on June 6, and of OPEC+ ministers - at 18:00 on the same day.
The state of the global oil market, development trends and fulfillment of obligations to reduce production will be discussed at OPEC+ ministerial meeting. It is also planned to consider extending the Declaration of Cooperation after June to reduce oil production by 9.7 million barrels per day under OPEC+, the message said.
Azerbaijan joined the Declaration of Cooperation, which was adopted after the ministerial meetings of the OPEC + countries (held on April 9 and April 12, 2020) and envisioned a cut in oil output by 9.7 million barrels per day (bpd) from May through June, 7.7 million bpd from July through December, and by 5.8 million bpd from January 2021 through April 2022.
In accordance with a new OPEC+ deal, Azerbaijan shall reduce oil production by 164,000 barrels from May through June 2020 against 718,000 barrels of crude oil produced in October 2018. During this period, Azerbaijan should maintain the daily crude oil production at the level of 554,000 barrels.