Minister of Energy of Azerbaijan will attend OPEC plus Ministerial Meeting

The Ministerial Meetings of OPEC countries in video conference format will be held at 04:00 p.m., and of OPEC plus countries at 06:00 p.m. Baku time on June 6. Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov will also participate in the Ministerial Meeting of OPEC and non-OPEC countries. 

The state of the global oil market, the development trends, the fulfillment of output cuts obligations will be discussed at the ministerial meeting of OPEC plus.  Also the consideration of the issue of extension beyond June of the period of the existing Cooperation Declaration regarding daily oil output cuts by 9.7 million barrels in OPEC plus countries has been envisaged.

Azerbaijan joined the Declaration of Cooperation adopted after the Ministerial Meetings of the OPEC + countries (held on April 9 and April 12, 2020), which envisioned daily crude oil output cuts by 9.7 million barrels per day (bpd) in May-June, 7.7 million bpd in July-December, and by 5.8 million bpd from January 2021 to April 2022. The deal involved a gradual easing of production quotas from July and an increase of up to 2 million barrels per day by OPEC plus by the end of the year. 

The quota of Azerbaijan, which for the first time assumed large-scale commitments in order to stabilize the global oil market, for May-June is 164 thousand barrels. In accordance with the obligation to maintain daily crude oil production in the amount of 554 thousand barrels Azerbaijan has been cutting daily oil output since May 1.