At the 35th Ministerial Meeting of the OPEC and non-OPEC countries in Vienna, a decision was made to regulate the level of total daily crude oil output of the Declaration of Cooperation countries for 2024. In accordance with the agreement, the daily crude oil output next year was set at 40.46 million barrels for OPEC plus and 551 thousand barrels for Azerbaijan.
Commenting on the new decision of OPEC plus, Energy Minister Parviz Shahbazov said that the main goal for the participants of the Declaration of Cooperation is to achieve a balance in the oil market that serves the common good and to prevent volatility, which negatively affects the development of the oil sector. “I believe that this decision of OPEC and non-OPEC countries will also provide the necessary support to the oil market.”
The next meeting of OPEC plus is scheduled for 26 November 2023.