Azerbaijan also approved the new agreement of "OPEC plus"

At the tenth Ministerial Meeting of OPEC and non-OPEC countries in a video conference format, the “Declaration of Cooperation” on reduction of daily oil production was approved. At the meeting, Mexico’s proposal to reduce oil production by 100 thousand barrels per day was considered and accepted by "OPEC plus" countries.  Also, if Mexico accepts the quotas proposed at the 9th Ministerial Meeting of "OPEC plus", the condition that the Agreement, which will enter into force on May 1, will be deleted from the "Declaration of Cooperation". According to the amendments to the “Declaration of Cooperation”, Mexico’s production quotas in May-June were determined at 400 thousand barrels instead of 100 thousand barrels. To offset another part of Mexico’s obligations, the United States agreed to reduce its production by 300 thousand barrels per day. Thus, the implementation of the "OPEC plus" decision on reducing oil production by 9.7 million barrels per day from May 1 was unanimously agreed.  Azerbaijan expressed its support for the "OPEC plus" decision. Minister of Energy Parviz Shahbazov appreciated the position of the oil countries in order to stabilize the global oil market:

“Today’s meeting and strong position of "OPEC plus" removed obstacles and hesitations in the implementation of the decision to reduce oil production. The mechanism for regulating the oil market through intervention in oil production is supported at the global level, and this support will help stabilize the oil market. This decision will also help reduce oil production by countries outside the "OPEC plus" format”.

 It should be reminded that on April 9 at the Ministerial Meeting of OPEC and non-OPEC countries, it was decided to reduce the daily oil production from May 1 to April 2022 in three stages.