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Azerbaijan to increase oil production by 25,000 barrels in total within next three-months schedule

Azerbaijan also supports the decision adopted at the 15th Ministerial Meeting of OPEC+ countries on increasing the crude oil production up to approximately 1.1 million barrels in the next three months, the Ministry of Energy.

According to the new Declaration of Cooperation, Azerbaijan will increase the daily crude oil production by 8,000 barrels in May, 7,000 barrels in June and 10,000 barrels in July, which will make up the new production commitments of Azerbaijan as 115,000 barrels for May, 108,000 barrels for June and 98,000 barrels for July. Throughout the country, the crude oil production will be maintained at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July respectively.

During his speech at the meeting, Minister of Energy Parviz Shahbazov called the confidence of global market towards the adequate and flexible decisions by OPEC+ and the unity of the participants of Declaration of Cooperation as significant in such an unstable period. The minister underlined the necessity of considering the well thought and careful behavior and all the development scenarios at the adjustment meetings. “Our main purpose is to establish a balance that will serve the common benefits in the oil market. I believe that this decision of OPEC Plus will also contribute to balance the market dynamics.”

The 12th Ministerial Meeting of the member and non-member states of the Organization of Petroleum Exporting Countries (OPEC), which was held in December of last year, agreed on increasing the daily crude oil production by 0.5 million barrels in January 2021 and mitigating the quotes by up to approximately 2 million barrels in the next months through the Ministerial Meetings to be held by OPEC+. In this regard, the production restrictions of January remained unchanged in February, March and April at the meetings held every month. According to the new agreement, the production commitments of OPEC+ countries were set as 6.5 million barrels for May, 6.2 million barrels for June and 5.76 million for July.

Establishing OPEC+ format, which is based on the coordinated activities between OPEC and non-member oil countries to stabilize the world oil market was initiated by President of the Republic of Azerbaijan Ilham Aliyev in January 2016.

2 April 2021 15:14 - Economy

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