Azerbaijan will reduce another 7000 barrels oil per day

At the VII Ministerial Meeting of OPEC and Non-Opec countries in Vienna, a decision was made to reduce daily oil production by more than 500,000 barrels in the first quarter of 2020. Thus, the obligation to reduce daily oil production by “OPEC plus” has been increased to 1.7 million barrels. The additional production volumes were distributed proportionally among the “OPEC plus” countries.

Azerbaijan has also joined the new agreement on reduction of production to support the process of regulating the world oil market. Azerbaijan will reduce daily oil production by another 7 thousand barrels in addition to 20 thousand barrels. Thus, Azerbaijan, whose liabilities grew by 27 thousand barrels, should maintain daily production in the amount of 769 thousand barrels from January 2020.  

Speaking at the meeting, Minister of Energy Parviz Shahbazov noted that the decisions of “OPEC plus” have contributed to the balancing of the market. The world economy, forecasts for the development of the oil market, as well as a number of geopolitical factors show that regulatory measures are necessary for 2020 as well: “Ensuring balance and sustainable stability in the market is the main goal of our cooperation. Azerbaijan, as a country supporting all initiatives within the “OPEC plus” format, is interested in participating in this cooperation. We believe that as “OPEC plus” countries we must continue to adhere to our solidarity and commitments next year.”

In his speech, the Minister noted that Azerbaijan, up to now, has fulfilled its obligations to reduce daily oil production by 20 thousand barrels.