Minister of Energy Parviz Shahbazov: Azerbaijan is using every means available for the complete fulfilment of its commitments

Azerbaijan appreciates the efforts of the participants of the "Declaration of Cooperation" to accelerate the restoration of stability and balance in the global oil market and provides the necessary support to this process. Minister of Energy Parviz Shahbazov said that the implementation of the historic agreement reached in April also requires a highly sensitive approach and decisive steps from OPEC and non-OPEC countries: “The actions of OPEC plus countries aimed at reducing the production undoubtedly play a role in the positive trends observed in the oil market in May. The positions of OPEC plus members on adhering to the commitments, and of Saudi Arabia, UAE and Kuwait on further reducing their production are crucial for the regulation of the oil market.”

Azerbaijan, which undertook historically the largest-scale commitments in order to stabilize the world oil market, has been reducing daily oil production from May 1 in accordance with its quota. 

"Azerbaijan has achieved the participation of foreign and local oil producers in this process under equal terms, mobilizing all the means available in oil sector on the fulfilment of its commitments. The level of fulfilment of Azerbaijan's commitment in the first ten days of May is 98 percent. To contribute to the oil market by taking all necessary measures to reduce daily production by 164 thousand barrels in May-June is among our main goals,” the Minister said.

Azerbaijan, where oil production amounted to 718 thousand barrels of oil per day in October 2018, is committed to reduce the oil production in May-June by 164 thousand barrels within the new agreement. During this time, Azerbaijan should maintain the daily crude oil production at 554 thousand barrels.

Azerbaijan`s commitments were defined as to reduce the oil production in July-December by 131 thousand barrels, and in 2021 and April 2022 by 98 thousand barrels. Azerbaijan should maintain daily crude oil production at 587 thousand barrels from July 1 to December and, 620 thousand barrels from January 2021 to April 2022 in accordance with the quotas.