Oil production in Azerbaijan will continue in compliance with the plan of 2020

Azerbaijan will be exempted from its obligations of restricting the oil production from 1 April. The implementation of the Declaration on Cooperation signed on 6 December 2019 on the reduction of daily oil production by 1.7 mln barrels in “OPEC plus” countries finishes today. During this period Azerbaijan fully performed obligation of 27,000 barrels within the Declaration on Cooperation. In January-March the daily oil production in the country amounted to approximately 754,000 barrels. Azerbaijan is going to perform the oil production in compliance with the plan of 2020 and taking into account the current situation.

Azerbaijan supports the stabilization of the global oil market and, in this regard, it has been closely involved in the consultations made in March to reach an agreement among “OPEC plus” countries. Azerbaijan will further perform the cooperation in the “OPEC plus” format among the oil producing countries within the Charter.