By Vugar Khalilov
Azerbaijan will increase its crude oil production by 7,000 barrels reaching daily 640,000 barrels in October, the Energy Ministry reported on September 1.
The ministry has made the relevant decision in line with the new "Declaration of Cooperation", which was adopted at the 20th ministerial meeting of the OPEC and non-OPEC countries in July 2021.
The new “Declaration of Cooperation”, which is also supported by Azerbaijan, envisages a 400,000-barrel increase in oil production starting from October 2021.
Under the new decision, Azerbaijan’s reduction commitment in oil production will be 78,000 barrels.
It should be noted that at the 19th ministerial of the OPEC plus in July, the organization agreed to increase daily crude oil production by 400,000 barrels per month from August.
Furthermore, the organization decided to suspend the 5.8-million-barrel reductions in September 2022 and to extend the "Declaration of Cooperation" until late 2022 with partial adjustments to the oil production's base level from next May.
The decision enables Azerbaijan to increase its daily crude output by about 7,000 barrels every month and, accordingly, reduce its commitment of output cut, the ministry added.
The next ministerial will be held on October 4, 2021.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries founded on 14 September 1960 in Baghdad. It was set up by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
The member countries accounted for an estimated 44 percent of the global oil production and 81.5 percent of the world's proven oil reserves, giving OPEC a major influence on global oil prices.
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