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The agreement, reached the 10th meeting of "OPEC plus" ministers, is historic for oil producers, consumers, and the global economy in general. For the first time ever, a two-year decision with significant production cuts was reached in this format, which met global support. These steps taken within "OPEC plus" support the oil market in several directions. First of all, all the obstacles to the implementation of the decision on production cuts will be removed on 1 May. Secondly, the importance of this decision is not limited by the 9.7 million barrels per day production cut

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"

Today, at 20.00 Baku time, the ministers of OPEC and non-OPEC countries will meet online. The meeting takes place within consultations on issues arising from the 9th Ministerial Meeting of OPEC and non-OPEC countries. The meeting, which will be chaired by the Minister of Energy of Saudi Arabia, Prince Abdul Aziz bin Salman, co-chaired by the Minister of Energy of the Russia Federation Alexander Novak,

Following discussions lasting about 11 hours, the new “Declaration of Cooperation” was adopted at the 9th Ministerial Meeting of OPEC and non-OPEC countries in a video conference format, on the condition that Mexico will agree to the proposed volumes. It should be noted that the new “Declaration of Cooperation” envisages a three-stage reduction of daily oil production from the level of October 2018. However, in accordance with the “Declaration of Cooperation”, Mexico did not agree with the quotas set at these stages in the volume of 400-320-240 thousand barrels, respectively. Other "OPEC plus" countries, except Mexico, have reached an agreement to reduce daily oil production at various times and volumes.

In March 2020, daily oil production in Azerbaijan amounted to 763,9 thousand barrels, including 683,7 thousand barrels’ crude oil and 80,2 thousand barrels’ condensate. Daily export of crude oil constituted 418,9 thousand barrels, while export of condensate and oil products accounted for 76,2 thousand and 15,5 thousand barrels respectively.

In the first quarter of 2020, electricity production in the country increased by 175.1 million kWh (2.57%) in comparison with the same period last year and amounted to 6,967.7 million kWh.

During the first quarter of 2020, 7 working groups established under the leadership of relevant bodies on the activities of the Commission established in connection with the implementation of the tasks arising from the Order No. 1673 of the President of the Republic of Azerbaijan dated December 05, 2019 on "Actions for implementing pilot projects on the use of renewable energy sources” continued their work.

In the first quarter of 2020, 112 cases of administrative violations were reviewed at the Ministry of Energy. 104 of them were connected to natural gas and 8 to electricity. Articles submitted on 75 cases related to natural gas, which are not properly compiled, have been sent back.

Azerbaijan is ready to contribute to the process of global regulation of the oil market by participating at the Ministerial Meeting of OPEC and non-OPEC countries  to be held in video conference format  to stabilize the oil market.

In the first quarter of 2020, the number of projects permitted by the Energy Regulatory Agency under the Ministry of Energy in the field of electricity and gas supply has been announced.