Azerbaijan cuts oil production - New agreement

12:26 - 10.04.2020


April 10, Fineko/abc.az. A meeting of the ministers of the Organization of Petroleum Exporting Countries (OPEC) was held in the format of a videoconference.

ABC.AZ reports that at the meeting Azerbaijan undertook new commitments on the creation of a balance in the world oil market and stabilization of oil prices.

Thus, Azerbaijan, which produced 718,000 bpd of crude oil in October 2018, will have to reduce production from this level by 164,000 bpd in accordance with the new agreement. During this period Azerbaijan should maintain daily crude oil production at the level of 554,000 barrels.

 


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