Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January, Trend reports citing Reuters.

Iranian oil minister said OPEC reduced its oil production despite US pressure and some underlying issues.

Construction of modern power-generating combined-cycle gas turbines is one of the main elements of the strategy of the Japan International Cooperation Agency (JICA) in the energy sector of Uzbekistan, the agency told Trend on Dec. 7.

Average price of AZERI LT CIF, extracted at Azerbaijan's Azeri-Chirag-Gunashli block of fields, was $63.19 per barrel on Dec. 3-7 or $0.85 more than the previous week.

Oil demand will grow next year, but at a slower rate than in 2018 due to higher oil prices in late 2018 and slowing economic growth, Robin Mills, the CEO of Qamar Energy in Dubai, told Trend.

The decision to reduce oil production, taken at the end of the OPEC+ meeting, is an important step for the development of the oil market and the oil industry, said Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, commenting on the decision of the cartel.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $64.54 per barrel at the Italian port of Augusta on Dec. 7, or $4.3 more than on Dec. 6, a source in Azerbaijan's oil and gas market told Trend Dec. 8.

It is planned to generate energy from agricultural waste in Azerbaijan, Zaur Mammadov, the head of the Office of the Azerbaijani Ministry of Energy, said at a press conference in Baku, Trend reports.

Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from US President Donald Trump, CNBC reported.

TAP AG, the Trans-Adriatic Pipeline operator, has signed a contract with Petrofac, which is a London-based service provider for major oil and gas companies in the world.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $60.24 per barrel at the Italian port of Augusta on Dec. 6, or $3.82 less than on Dec. 5, a source in Azerbaijan's oil and gas market told Trend Dec. 7.

OPEC needs to change June 2018 strategy in crude output, Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry, and President of the OPEC Conference, said.

Azerbaijan’s Energy Minister Parviz Shahbazov is on visit to Vienna, Austria on December 4-7 within the 12th meeting of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee.

From early 2001 and until November 1, 2018, the State Oil Fund of Azerbaijan (SOFAZ) received $137.446 billion as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a SOFAZ told Trend on December 6.

Honeywell UOP hydrogen technology will help SOCAR meet growing demand for high-quality transportation fuels, Trend reported citing a message from Honeywell.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $64.06 per barrel at the Italian port of Augusta on Dec. 5, or $0.2 more than on Dec. 4, a source in Azerbaijan's oil and gas market told Trend Dec. 6.

BP has managed to achieve significant results in the nationalization of Azerbaijan's energy sector, Gary Jones, BP regional president for Azerbaijan, Georgia and Turkey, said at an event on the strategy of nationalizing the oil and gas industry Dec. 5, Trend reports.

By the end of 2018, BP will exceed the production plan for the Azeri-Chirag-Gunashli (ACG) oil and gas fields in the Azerbaijani sector of the Caspian Sea, Gary Jones, BP regional president for Azerbaijan, Georgia and Turkey, said Dec. 5, Trend reports.

Preservation of the nature and biological diversity is one of the basic priorities of the state policy in Azerbaijan, while large-scale state programs directed to the improvement of the ecological situation have been implemented during the past decade.

The construction of the Trans-Adriatic Pipeline will facilitate transition from coal to gas in the Western Balkans.

Around 98 percent of the Trans Adriatic Pipeline (TAP) route in Greece and Albania has been lowered into the trench, said a message from TAP AG consortium engaged in construction of the pipeline envisaging transportation of Azerbaijani gas to Europe.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $63.86 per barrel at the Italian port of Augusta on Dec. 4, or $0.63 more than on Dec. 3, a source in Azerbaijan's oil and gas market told Trend Dec. 5.

As many as 373.8 million tons of Azerbaijani oil was transported via the Baku-Tbilisi-Ceyhan (BTC) since its commissioning in June 2006 until December 1, 2018, Report informs.

The international oil market is currently oversupplied, chairman of Vienna Energy Group Dr.Fereydoun Barkeshli said in an interview with Azernews.

Azerbaijan is taking serious steps to develop alternative energy today and the country may count on help of the World Bank in this issue.