All opportunities for the fulfilment of Azerbaijan’s obligations under the agreement of the OPEC+ countries have been mobilized, Trend reports citing the Azerbaijani Ministry of Energy.
Azerbaijan highly appreciates the efforts of the participants of the declaration on cooperation to accelerate the restoration of stability and balance in the world oil market and provides them with the necessary support, said the message.
Minister of Energy Parviz Shahbazov noted that the implementation of the historic agreement reached in April also requires high responsibility and decisive steps by the OPEC, and countries outside cartel.
“Positive trends observed in the oil market in May undoubtedly include the role of OPEC+ countries in reducing production. A commitment to the obligations of OPEC members, as well as the position of Saudi Arabia, the UAE and Kuwait to reduce oil production in additional volumes, are crucial for regulating the oil market,” the message said.
As part of the agreement, Azerbaijan has been significantly reducing the volume of daily oil production since May 1.
“Azerbaijan, seeking the participation of foreign and local oil producers in this process on equal terms, aims at fulfilling all the obligations of the oil sector. The level of fulfillment of the country's obligations in the first decade of May is 98 percent. Our main goal is to contribute to the development of the global oil market, taking all necessary measures to reduce daily production by 164,000 barrels in May through June,” the minister said.
Azerbaijan producing crude oil in the volume of 718,000 barrels daily in October 2018, will reduce production by 164,000 barrels from May to June under the new agreement. During this time, Azerbaijan should maintain a daily production of crude oil in the amount of 554,000 barrels.
Azerbaijan’s obligations amounted to 131,000 barrels from July through December 2020, and from January 2021 through April 2022 – 98,000 barrels. According to quotas, the daily production of crude oil in Azerbaijan should not exceed 587,000 barrels from the beginning of July 2020 to the end of the year, and from January 2021 through April 2022 – 620,000 barrels.
See all the news
All
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
DriveWealth-G&T Cooperation
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly
მინერალური და მტკნარი წყლის ფასები ქართულ ბაზარზე
China continues to push competitors out of the global walnut market
Moscow to Host First Meeting of Turkish & Armenian Special Envoys on Jan 14
Scientists Discover New Part of the Human Body
Turkey's Exports Soar by 33.7% to $21.5B in November