OPEC+ countries to cut further oil production


October 23, Fineko/abc.az. The OPEC and non-OPEC (OPEC+) countries will reduce further the oil production.

With reference to foreign media, it is reported that OPEC will assess the further reduction in oil production at the December meeting.

On 5 December, the 177th meeting of the OPEC Council of Ministers will be held in Vienna, Austria. And on 4 December the 17th meeting of the Joint Monitoring Committee of OPEC and non-OPEC Ministers (JMC) will be held in Vienna.

The daily oil production in Azerbaijan in September reached 755,000 barrels. Within the framework of the agreement on the daily maintenance of oil production in the amount of 776,000 barrels Azerbaijan fulfilled fully its obligations to reduce oil production by 20,000 bpd. For Jan-Sept 2019 the average daily oil production amounted to 767,000 barrels.

The Declaration on Cooperation, signed on 7 December 2018 in connection with the daily reduction of oil production by OPEC+ by 1.2 million barrels was extended from 1 July to the end of the 1st quarter of 2020.