Azerbaijan supports new "Declaration of Cooperation" to increase daily oil output in the country every month until the end of the year

At the 19th Ministerial Meeting of OPEC and non-OPEC countries Azerbaijan also supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021 and to extend the "Declaration of Cooperation" until the end of 2022 with partial adjustments to the base level of oil production from May next year. The new DoC envisages increasing the volume of daily crude oil production in Azerbaijan every month from August to the end of the year and reducing the obligations related to cuts accordingly. From May 2022 to the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing base. In other words, the 718,000-barrel daily crude oil production in October 2018 in our country will remain at the base level for determining the output level next year. Participating at the meeting, Minister of Energy Parviz Shahbazov expressed Azerbaijan's support for OPEC plus's new decision to contribute to the process of balancing the global oil market. It should be noted that the new agreement provides for a reduction of the existing 5.8 million barrels cuts in OPEC plus countries by 2 million barrels by the end of 2021. It was decided to hold the next Ministerial Meeting of OPEC and non-OPEC countries on September 1, 2021.