Azerbaijan accedes to decision to extend oil production limit agreement until end of next year


December 1, Fineko/abc.az. Azerbaijan supports the extension of the agreement on the limitation of oil production by OPEC/NOPEC countries.

The Ministry of Energy informs that Azerbaijan considers it expedient to extend this agreement before late 2018.

"The relevant arrangement was reached within the framework of the 173rd meeting of the OPEC Ministers’ Council in Vienna and at the 3rd meeting of countries that are not members of OPEC (NOPEC). Azerbaijan has acceded to this new agreement," the Ministry reported.

Energy Minister Parviz Shahbazov stated at a press conference that the situation on the world oil market was analyzed during the year after the signing of the Vienna Agreement in 2016.

"Also, presentations were held on expectations of rate of growth of global economies and demand for oil and petroleum products. In addition, the OPEC management assessed the level of fulfillment of obligations on the reduction of oil production by the participating countries. During the meeting it was noted stabilization of oil prices, their rise up to $60-63 a barrel, reduction of oil supply, comparative reduction of reserves and partial restoration of the balance in the oil market thanks to cooperation within OPEC+," Minister Shahbazov said.

During the meeting it was admitted inexpedient to increase the volume of production limit and keep the obligations at the current level.

The Vienna meeting on Thursday involved energy ministers from 32 countries, including 14 member countries of OPEC and 17 countries out of the cartel.



Keywords: OPEC NOPEC