Azerbaijan represented at the 36th meeting of OPEC plus

Energy Minister Parviz Shahbazov attended the 36th online Ministerial Meeting of member and non-member countries of the Organization of Oil Exporting Countries (OPEC). At the meeting, it was agreed that Brazil will join OPEC plus from January 2024. The issues related with production quotas of Angola, Congo and Nigeria for next year has been considered. These quotas mean that daily oil production in 2024 will be 1,110 thousand barrels in Angola, 277 thousand barrels in Congo, and 1,500 thousand barrels in Nigeria.

During the discussions, Energy Minister Parviz Shahbazov noted that the situation on the global oil market in 2023 was satisfactory thanks to high solidarity and rational regulatory measures. The Minister emphasized the importance of this union of OPEC and non-OPEC countries to work on the basis of consensus for the next year as well, and recommended maintaining unanimity in making decisions for the sake of continuous stability in the oil market.

 It should be noted that the production quota of Azerbaijan for next year is 551,000 barrels per day.

The next meeting of OPEC plus is scheduled for 1 June 2024.