Azerbaijan not to attend OPEC+ Oman Meeting

Azerbaijan will not be represented at the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting to be held in Oman on January 21.

The meeting is planned to discuss possible ways of reaching the OPEC + agreement.

The JMMC includes member states of OPEC and non-OPEC members. The committees meeting usually takes place once in every two months to monitor how effectively member countries are complying with agreed production cuts. The Committee includes Venezuela, Kuwait, Algeria, Oman, Russia, Saudi Arabia and the Secretary General of OPEC.

On November 30, 2016, an agreement was reached among all 14 member countries to curtail oil production by 32.5 million barrels to 1.2 million barrels per day an effort to prop up prices.

On December 10, 2016, OPEC Member Countries and 11 non-OPEC parties, including Azerbaijan, taking into account the decision reached by OPEC at the 172nd Meeting of the Conference, in their desire to achieve oil market stability in the interest of all producers and consumers, proposed to voluntarily adjust their oil production by 558 thousand barrels a day, effective from 1st January 2017 for six months.

As of November 2017, the OPEC and participating non-OPEC producing countries achieved an impressive highest conformity level of 122 per cent, following the pattern of high performances in the past months.

Source: AZERTAC