Azerbaijan's crude oil production quota will remain unchanged until the end of 2026

Energy Minister Parviz Shahbazov attended the 38th online Ministerial Meeting of OPEC and non- OPEC countries. OPEC plus countries discussed the current situation in the oil market and determined production indicators by the end of 2026 in the amount of 39.7 million barrels. Azerbaijan also supported this agreement. Azerbaijan's current crude oil production quota of 551 thousand barrels per day will remain stable during this period.

It was also agreed to continue the voluntary obligations of 8 countries - Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman - announced in April and November 2023. Thus, the additional voluntary obligations of 1.65 million barrels per day announced by 8 countries in April 2023 will remain in effect until December 2026, and the additional voluntary abbreviations of 2.2 million barrels per day announced in November 2023 will remain in force until the end of March 2025. These countries' cuts of 2.2 million barrels will be phased out on a monthly basis by the end of September 2026.

At the meeting, an agreement was also reached to extend the period for assessing the production of the participating countries by three independent sources until the beginning of November 2026, as well as the deadline for compensation until the end of June of the same year.

Energy Minister Parviz Shahbazov spoke about the important role of the regulatory mechanism in the OPEC plus format in maintaining stability in the global oil market, in particular, the contribution of this cooperation under the chairmanship of the Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdul Aziz bin Salman Al-Saud. Other countries of the Declaration of Cooperation also joined this initiative and this point was also reflected in the final document of the meeting.

The 39th Ministerial Meeting of OPEC and non-OPEC countries is scheduled for 28 May 2025.