Azerbaijan's energy ministry on establishment of new organization within OPEC+format

23 July 2018 13:01 (UTC+04:00)

By  Trend

The discussions on the establishment of a new organization of oil-producing countries will be held during the meeting of the OPEC+ Monitoring Committee in September this year, the head of the press service of the Ministry of energy of Azerbaijan Zamina Aliyeva told Trend July 20.

"OPEC+ countries are trying to create a new mechanism of cooperation. An organization with its headquarters can be such a mechanism. It is not yet known on what basis the organization will operate. This issue has been put on the agenda, and as far as we know, the countries should submit their proposals in September, during the meeting of the OPEC+ Monitoring Committee. This issue has already been discussed during the fourth Ministerial meeting of OPEC+, the concept of cooperation has been worked out," she said.

Earlier, the Russian media reported referring to the Minister of energy of Russia Alexander Novak that, a new organization will be created on the OPEC+ platform, which should start working from January 1, 2019.

OPEC+ members are considering for approval the title of the new organization and the location of its headquarters now, Novak said.

"We plan to make this mechanism work from January 1, 2019. We will discuss this at the ministerial meeting," Russian media quoted Novak as saying.

Novak confirmed that the new organization will be able to revive the decision to reduce the level of oil production.

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