OPEC and allies to discuss further decline in oil production in March


January 13, Fineko/abc.az. Discussions on further production cuts by OPEC members led by Saudi Arabia and other non-OPEC oil producing countries, including Russia, have been postponed for March.

The relevant statement was made by Abdulaziz bin Salman bin Abdulaziz al Saud, the Energy Minister of Saudi Arabia.

On 6 December 2019 at the VII meeting of the ministers of OPEC and non-OPEC countries a decision was made to reduce daily oil production by OPEC+ by another 500,000 barrels. In accordance with the new Declaration on Cooperation, Azerbaijan's commitment is set at the level of 27,000 barrels. From January 2020 Azerbaijan should maintain daily oil production in the amount of 769,000 barrels.