OPEC states agree to cut oil production by 1.5 million barrels


March 5, Fineko/abc.az. At the 178th meeting of the OPEC Council of Ministers in Vienna the cartel member countries agreed to reduce oil production by 1.5 million barrels.

It is reported that the participants of the meeting, which was attended by the energy and oil ministers of 14 OPEC member countries, assessed the impact of coronavirus on the oil market and decided to impose production restrictions in the 2nd quarter of 2020.

The decision of the cartel will be discussed on 6 March at the 8th meeting of OPEC and non-OPEC+ ministers and production restrictions on OPEC+ will be clarified.

On 6 December 2019, at the 7th meeting of OPEC and non-OPEC ministers it was decided to cut daily oil production on OPEC+ by another 500,000 barrels. In accordance with the new Declaration on Cooperation, Azerbaijan's obligations are set at the level of 27,000 barrels. Since this January Azerbaijan should maintain daily oil production in the amount of 769,000 barrels.