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Official website of the Ministry of Energy of the Republic of Azerbaijan www.minenergy.gov.az has been put into use with a new design. In addition to the design, the updated site has been improved in terms of content compared to the previous version, designed in compliance with modern requirements, the accessibility, functionality of sections and services has been improved and enriched with new information.

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.