Azerbaijan supported the decision taken at the 15th meeting of ministers of OPEC member countries + on the gradual increase in the daily mining of crude oil by 1.1 million barrels for the next three months.
As reported by HaqQin.Az in the press service of the Ministry of Energy, according to the new “Declaration of Cooperation”, Azerbaijan will increase the daily mining of crude oil for 8 thousand barrels in May, for 7 thousand barrels in June and 10 thousand barrels in July. Thus, the new obligations of Azerbaijan on extraction will amount to 115 thousand barrels, 108 thousand barrels and 98 thousand barrels in May, June and July, respectively. Daily mining of crude oil in the country will continue at the level of 603 thousand barrels, 610 thousand barrels and 620 thousand barrels in May, June and July, respectively.
In the course of the meeting, the Minister Energy Minister Parviz Shakhbazov noted that the global oil market confidently supports adequate and flexible decisions of OPEC +, and solidarity between the participants of the Declaration on Cooperation “- important points in such an unstable period. The minister stressed the importance of thoughtful, cautious behavior in regulators and accounting for all development scenarios: “For us, the main goal is to achieve a balance in the oil market, which serves as common interests. I believe that this decision of OPEC + will also contribute to the efforts to balancing the market dynamics.”
It should be noted that in the 12th meeting of the Ministers of the Organization of Oil Exporting Countries (OPEC) in December last year it was decided to increase the daily mining of crude oil by 0.5 million barrels in January 2021, and was also achieved An agreement on the gradual reduction in quotas to 2 million barrels in the coming months during the monthly meetings of ministers of OPEC member countries +. In this context, the January restrictions on mining at monthly meetings from January 2021 remained stable in February, March and April. According to a new agreement, the obligations to extract OPEC member countries + will amount to 6.5 million barrels, 6.2 million barrels and 5.76 million barrels per day in May, June and July, respectively.
Recall that in January 2016, the President of the Republic of Azerbaijan Ilham Aliyev made an initiative to create a format of OPEC +, based on coordinated activities between OPEC and oil countries, not included in the organization, in order to stabilize the global oil market.