18:01 - 24.07.2020

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July 24, Fineko/abc.az. The OPEC+ agreement allows regulating the daily oil production for 2 years.

ABC.AZ reports that the statement was made by Azerbaijani Energy Minister Parviz Shahbazov.

The minister says that according to forecasts, in the 3rd quarter of 2020 the demand for oil is expected to exceed supply and deficit will reach 3.9 million barrels of oil.

In the 2nd half of the year, in order to balance the market due to the expected growth in oil demand, we are entering the phase of easing cuts from 1 August by 7.7 million barrels. Optimistic forecasts for a decline in supply from 100 million barrels in the 1st quarter to 88.3 million barrels in the 3rd quarter suggest that the OPEC+ oil supply management policy is justified.