Azerbaijan supports efforts for rapprochement of OPEC+ countries

21 March 2020 18:00 (UTC+04:00)

By Trend

Azerbaijan supports the efforts for ensuring rapprochement of OPEC+ countries,Trend learned from the country’s energy ministry.

“We support the stabilization of the oil market. This position was also expressed during the discussions in Vienna, where we were taking part in the consultations for reaching a common agreement. Azerbaijan supports the efforts for ensuring rapprochement of OPEC+ countries,” said the ministry.

The 178th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC), held in Vienna, Austria, on 5 March 2020, decided to recommend to the 8th OPEC and non-OPEC Ministerial Meeting to extend the adjustment levels agreed at the 177th Meeting of the Conference and the 7th OPEC and non-OPEC Ministerial Meeting for the remainder of the year. It also agreed to recommend to the 8th OPEC and non-OPEC Ministerial Meeting a further adjustment of 1.5 mb/d until 30 June 2020 to be applied pro-rata between OPEC (1.0 mb/d) and non-OPEC producing countries (0.5 mb/d) participating in the Declaration of Cooperation.

However, during the meeting held March 6, OPEC+ failed to reach any agreement on extension of the deal or deepening the cuts further, which led to a significant decline in oil prices.