Azerbaijan supported the ministers of the OPEC countries reached at the 20th meeting of the ministers of the OPEC countries + an agreement on the increase in daily oil production by 400 thousand barrels in October in accordance with the Declaration on Cooperation, adopted in July.
In the report of the Ministry of Energy, it is said that a new declaration on cooperation provides for an increase in daily oil production in Azerbaijan for another 7,000 barrels in October – up to 640 thousand barrels. It is planned that the obligation to reduce oil production will be 78 thousand barrels.
In the 19th meeting of the ministers of OPEC countries + in July, an agreement was reached to increase the daily oil production of 400 thousand barrels per month from August – to 5.8 million barrels. It was decided to complete the reduction in production in September 2022 and extend the Declaration on cooperation until the end of 2022 with partial adjustment of the baseline oil production from May next year.
While this decision remains in force, Azerbaijan will be able to increase the daily mining of crude oil by about 7 thousand barrels per month and, accordingly, reduce its mining reduction obligations.