Azerbaijan joins OPEC plus production quota agreement for 2025

Energy Minister Parviz Shahbazov attended the 37th online Ministerial Meeting of OPEC and non- OPEC countries.

Azerbaijan also supported the decision adopted at the meeting to extend the term of the current Declaration of Cooperation from 1 January to 31 December 2025. The new decision provides for the stable maintenance of the current level of crude oil production in the OPEC plus countries next year, the extension of the assessment of output indicators by three independent sources until the end of November 2025 and to determine new reference production level for 2026 based on these results. In accordance with the new decision, Azerbaijan's daily crude oil production quota of 551 thousand barrels remains unchanged for next year.

 The next Ministerial Meeting of the OPEC and non- OPEC countries is scheduled for 1 December.