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Azerbaijan supports new “Declaration of Cooperation” to increase oil production every month until the end of the year

At the 19th meeting of the Ministers of the Organization of the Petroleum Exporting Countries (OPEC), non-member countries agreed to increase daily crude oil production by 400,000 barrels per month in August-December 2021, with partial adjustments to the base level of oil production from May next year. Azerbaijan also supported the decision to extend the “Declaration of Cooperation” until the end of 2022.

The Ministry of Energy told AZERTAC that the new “Declaration of Cooperation” envisages an increase in daily daily crude oil production in Azerbaijan from August to the end of the year, as well as a corresponding reduction in obligations for cuts. From May 2022 to the end of the year, the calculation of Azerbaijan’s oil production liabilities will continue on the existing basis. In other words, the daily crude oil production of 718,000 barrels in October 2018 in our country will remain the basis for determining the level of production next year.

Attending the meeting, Energy Minister Parviz Shahbazov expressed Azerbaijan’s support for OPEC + ‘s new decision, which will contribute to the balancing of the global oil market.

The new agreement provides for the reduction of the existing 5.8 million barrels in OPEC + countries to 2 million barrels by the end of 2021.

The meeting decided to hold the next meeting of OPEC and non-OPEC ministers on September 1, 2021.

 

Source:  Azerbaijan State News Agency