“In recent days, there have been different opinions that the decision of OPEC plus to cut daily oil production by 2 million barrels since November will lead to a deficit in the oil market. I believe that OPEC plus, as always, this time adopted such a decision in order to …
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Azerbaijan supports daily oil output hike within OPEC+
At the 31st Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan supported a decision to increase daily oil output by 100,000 barrels in September, Azernews reports per the Energy Ministry. According to the quota set for September, the daily crude oil production in Azerbaijan is expected to reach 718,000 barrels. …
Read More »Azerbaijan supports oil production increase within OPEC+ in Jan
Azerbaijan has supported the decision made on increasing daily oil production within the OPEC+ agreement by 400,000 barrels for January 2022, the Energy Ministry has reported on its website. The decision was taken at the 23rd Ministerial Meeting of the OPEC and non-OPEC countries. Energy Minister Parviz Shahbazov stated that …
Read More »OPEC keeps crude production steady before planned increases
OPEC kept crude production steady in April, ahead of a planned revival of supplies scheduled to begin this month, according to Bloomberg. The Organization of Petroleum Exporting Countries pumped an average of 25.27 million barrels a day last month, about 50,000 a day less than in March, according to a …
Read More »OPEC and non-OPEC Ministerial Meeting highlights importance of ongoing rebalancing efforts
The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), has been held via teleconference on Tuesday under the Chairmanship of Saudi Arabia’s Minister of Energy HRH Prince Abdul Aziz bin Salman and Deputy Prime Minister of the Russian Federation, Co-Chair HE Alexander Novak. According to the …
Read More »Azerbaijan supports extension of OPEC+ deal
Azerbaijan has supported the extension of OPEC+ deal by the end of July, Trend reports citing the country’s energy ministry. The videoconference of OPEC and non-OPEC countries’ ministers decided to extend the deal to cut daily oil output by 9.7 million barrels by another month, till July 31. It was agreed that …
Read More »SOCAR to supervise implementation of OPEC+ oil production cut agreement in Azerbaijan
On April 9, 2020, 23 member countries of OPEC+ discussed the economic recession caused by COVID-19 pandemic and agreed to cut oil production by 9,7 million barrels per day from May 1, 2020, in order to balance supply and demand on the global market. The Republic of Azerbaijan, as a …
Read More »Novak: Azerbaijan, Russia successfully cooperate within OPEC+ format
Baku and Moscow are aimed at expanding energy cooperation. Energy Ministry of Russia has said in a message that the Energy Ministers of Azerbaijan and Russia, Parviz Shahbazov and Alexander Novak, have discussed current state and potential areas of cooperation in the countries energy sectors. The meeting was held within …
Read More »13th meeting of OPEC-non-OPEC Joint Ministerial Monitoring Committee gets underway in Baku
The 13th meeting of the Joint Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Monitoring Committee (JMMC) has kicked off in Baku. 14 oil producing countries, and OPEC Secretariat are highly represented at the meeting. Participants in the event include OPEC Secretary General Mohammad Barkindo, OPEC president, People’s …
Read More »President Ilham Aliyev received OPEC Secretary General
President of the Republic of Azerbaijan Ilham Aliyev has received Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo.
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