12:07 - 1.05.2020

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May 1, Fineko/abc.az. Starting from today Azerbaijan has launched the process of oil production cuts within the framework of the OPEC+ agreement.

ABC.AZ reports with reference to the Ministry of Energy of Azerbaijan that Energy Minister Parviz Shahbazov noted that the measures aimed to reduce the daily production at the Azeri-Chirag-Deepwater Guneshli fields, Azneft, joint ventures and operating companies will contribute to the fulfillment of Azerbaijan's obligations: "Today, in the history of the world oil industry, the first large agreement on volumes and terms of production begins to be implemented. In Q2 of 2020 the oil demand is expected to decrease by 15-25 million b/d, and by 10.3 million b/d in 2020. In this situation, the implementation of commitments by the OPEC+ countries, including Azerbaijan, will provide the first support to the oil market. The result of such solidarity at the national and global levels to stabilize the oil market will gradually affect oil prices."