Azerbaijan agreed to remain committed to the Opec plus plan to increase daily output by 400 thousand barrels in March

At the 25th Ministerial Meeting of the OPEC and non-OPEC countries, Azerbaijan also agreed to remain committed to the plan to increase daily oil output by 400 thousand bpd to ensure the balance in the global oil market.

The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in March 2022 to reach 675,000 barrels, while the reduction commitment is 43,000 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.