Azerbaijan’s Energy Minister to take part in OPEC Council of Ministers meeting

26.11.2018,12:31


November 26, Fineko/abc.az. Azerbaijani Energy Minister Parviz Shahbazov will take part in the meeting of the Council of Ministers of OPEC member states.

The Ministry of Energy of Azerbaijan informs that a meeting of the Ministerial Monitoring Committee will be held in Vienna on 5 December, and a meeting of the OPEC member states’ ministers in Vienna on 6 December.

The OPEC+ Ministerial Monitoring Committee established to monitor implementation of the agreement and development of the recommendations for its adjustment held a meeting in Abu Dhabi. Contrary to expectations, its participants have not yet recommended a reduction in oil production in 2019, and decided to continue monitoring the market. At that, ideally the alliance would not want to interfere in the situation next year.

On 30 November 2016 in Vienna the OPEC countries agreed to cut production by 1.2 million bpd from the October’s level in order to stabilize oil prices. 11 non-OPEC countries agreed on 10 December 2016 to reduce their production by totally 558,000 barrels, including Azerbaijan - by 35,000 bpd. The agreement on the reduction of oil production was extended until the end of 2018. On 23 June 2018 at the 4th meeting of the ministers of OPEC and non-OPEC countries, an agreement was reached on 100% implementation of the deal - that is, a daily increase in production by 1 million barrels. This decision, supported by Azerbaijan, came into force on 1 July.