Azerbaijan's production commitments will not change in February-March

At the 13th Ministerial Meeting of the OPEC plus countries, it was decided to continue the existing quotas on daily crude oil production in February-March. According to the new agreement, the daily crude oil production of OPEC plus countries will be 7 million and 125 thousand barrels in February and 7 million and 50 thousand barrels in March. 
Azerbaijan's commitment of 123 thousand barrels in January this year will remain unchanged in February-March. According to the Declaration of Cooperation, in the next two months Azerbaijan will increase its daily crude oil production by 8,000 barrels and keep production at the level of 595,000 barrels.  
It should be noted that Azerbaijan's contribution to the achievement of this agreement between the OPEC plus countries, continuation of the dialogue in order to establish stability in the oil market and reaching the agreement between the parties was highly appreciated during the meeting. 
During his speech at the meeting, Azerbaijani Energy Minister Parviz Shahbazov noted that the uncertainty arising from the pandemic continues to pressure the oil market and that the demand is recovering weaklier than expected, which lead to say that sensitive approach to the regulation process is necessary: “The main goal for us is to ensure and maintain the balance of supply and demand in the market. Therefore, I think that the transition from a sharp reduction in production to an increase should be gradual and cautious.”
It should be reminded that at the 12th Ministerial Meetings of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, it was agreed to increase the daily crude oil production by 0.5 million barrels in January 2021 and gradually mitigate the quotas up to 2 million barrels in the next months through the Ministerial Meetings of OPEC plus to be held in every month.