Azerbaijan was represented at the 14th meeting of “OPEC Plus” Joint Ministerial Monitoring Committee

At the 14^th meeting of “OPEC Plus” Joint Ministerial Monitoring Committee held in Jeddah, Saudi Arabia, the report of the Joint Technical Commission on oil production in April of the current year was presented. Trends in world economy and oil market development have been discussed. The performance level of the obligations under “OPEC Plus” format has been analyzed. The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov noted that the commitment on Azerbaijan was fulfilled at 130% in January-April. The high-level execution of the decision made in December last year positively influenced the oil market, especially oil prices: “All these positive points are the joint success of OPEC and non-OPEC countries that have signed the Declaration of Cooperation. Thanks to cooperation for common purpose, oil market has not faced the crisis at a time when there is a risk of a slowdown in the world economy's growth, trade restrictions on the global oil market, geopolitical instability, and increased commercial oil reserves in the Organization of Economic Co-operation and Development (OECD).”

It should be noted that the commitments were fulfilled by 168% by “OPEC Plus” countries in April. The average level of the fulfillment of the commitments from January to May was 120%. These figures are regarded as factors that have a positive impact on global economic development compared with the fourth quarter of 2018.

The Joint Ministerial Monitoring Committee highlighted serious uncertainties such as trade negotiations and geopolitical problems by analyzing the current state of the oil market and macroeconomic development. It was recommended to continue monitoring and analysis of the oil market, particularly oil reserves, until the ministerial meeting of “OPEC” in June.

It was decided to hold the 15^th meeting of the Joint Ministerial Monitoring Committee in June in Vienna.