Azerbaijan considers acceptable to continue the plan to increase production on “OPEC plus” in January 2022

At the 23rd Ministerial Meeting of the OPEC and non-OPEC countries, Azerbaijan supported the decision made on increasing daily oil production on OPEC plus by 400 thousand barrels for the January 2022.

It should be noted that the agreement of OPEC plus emphasizes careful monitoring of the development of the pandemic and its effects on the market until the next meeting scheduled for January, and if necessary, the immediate amendment to the existing decision.

Minister of Energy Parviz Shahbazov said that plan of OPEC plus to gradually increase production since August contributes to balancing the market, and we are moving in the right direction. Azerbaijan supports the new decision of OPEC plus.

The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in January 2022 to reach 661,000 barrels, while the reduction commitment is 57,000 barrels.

It should be reminded that at the 19th Ministerial Meeting of OPEC plus countries held in July, starting from August, the decision was made to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the “Declaration of cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.