At the 35th ministerial summit of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries held in Vienna, a decision was made to regulate the level of daily total crude oil production of the “Declaration of Cooperation” countries for 2024, the Azerbaijani Ministry of Energy told APA.
According to the agreement, OPEC+ will produce 40.46 million barrels of crude oil per day next year, while Azerbaijan will produce 551 000 barrels.
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Commenting on the new OPEC+ decision, Minister of Energy Parviz Shahbazov stated that the main goal for the participants in the “Declaration of Cooperation” is to achieve a balance that serves the common interest in the oil market and to prevent volatility that harms the development of the oil sector. “I believe that this decision of OPEC and non-OPEC countries will provide the necessary support to the oil market.”
The next meeting of OPEC+ is scheduled for November 26, 2023.
Source: Azeri-Press News Agency