12:18 - 1.05.2020

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May 1, Fineko/abc.az. Fulfilling of the obligations within the measures taken in connection with the decline in production in Azerbaijan will increase the revenues of the State, as well as of SOCAR and other oil producing companies operating in Azerbaijan.

ABC.AZ reports that the relevant statement was made by Energy Minister Parviz Shahbazov, when speaking about the reduction of oil production.

During a video conference on 12 April 2020 the OPEC and non-OPEC countries approved a deal on the collective reduction of the daily oil production by three stages from 1 May 2020 to April 2022. At the same time, at the first stage (in May and June 2020) the reduction within OPEC+ will amount to 9.7 million b/s.