Earlier, Saudi Arabia came out in favor of an increase in oil production. The volume of production was supposed to be divided proportionally between the countries OPEC +, ready to raise productivity.

Azerbaijan’s Energy Minister Parviz Shahbazov will take part in the conference “Towards 21st Century Energy Systems in Central & Eastern Europe” in Washington June 25, Azerbaijan's Energy Ministry told Trend June 22.

The ministers of the OPEC countries have started talks on adjustment of oil production cut quotas in Vienna, a TASS correspondent on the scene reported.

A number of new documents will be signed in Bulgaria on the Trans Adriatic Pipeline (TAP), as well as the Interconnector Greece-Bulgaria (IGB), said a message from Bulgarian Energy Ministry.

Major part of route of the Trans Adriatic Pipeline (TAP) in Greece, that’s to say, 540 km out of 550 km has already been cleared, said TAP country manager for Greece, Katerina Papalexandri.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, amounted to $74.48 per barrel at the Italian port of Augusta on June 21, that is $1.3 less than on June 20, a source on Azerbaijan’s oil and gas market told Trend June 22.

OPEC will seek agreement on Friday to raise oil production despite opposition from Iran, which has threatened to block the move as it faces export-crippling U.S. sanctions, Reuters reports.

Difficulties in meeting the global oil demand may arise in the future, Azerbaijan’s Energy Minister Parviz Shahbazov said.

The upcoming OPEC meeting, to be held June 22 in Vienna, is a test of Saudi Arabia’s leadership in the cartel, Gal Luft, the co-director of the Washington-based Institute for the Analysis of Global Security, told Trend.

OPEC Secretary-General Mohammad Barkindo said on Thursday he was confident that OPEC and its allies would have successful meetings this week, as the oil producer group holds discussions on whether to raise

The authoritative financial and analytical newspaper of Romania “Ziarul Financiar” wrote an article about SOCAR Petroleum SA, a subsidiary of SOCAR in Romania.

Azerbaijan exported 2. 7 billion cubic meters of natural gas worth $498.84 million in January-May 2018.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, amounted to $75.78 per barrel at the Italian port of Augusta on June 20, that is $0.31 more than on June 19, a source on Azerbaijan’s oil and gas market told Trend June 21.

Oil prices fell on Thursday as Iran signaled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday, Reuters reports.

Azerbaijan’s state oil company SOCAR intends to close its representative office in Estonia due to growing expenses, according to Estonia’s Äripäev financial newspaper.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, amounted to $75.47 per barrel at the Italian port of Augusta on June 19, that is $0.05 more than on June 18, a source on Azerbaijan’s oil and gas market told Trend June 20.

The easing of the policy of reduction of oil production may be discussed at the 9th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC), the Minister of Energy of Azerbaijan Parviz Shahbazov said June 20.

Oil prices rose on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, with investors cautious ahead of a biannual meeting of OPEC exporters to decide production policy, Reuters reports.

The private sector of Turkey can get involved in the transportation of Azerbaijani gas through the Baku-Tbilisi-Erzurum pipeline.

Azerbaijani Energy Minister Parviz Shahbazov will visit Vienna on June 21-23 at the invitation of OPEC Secretary General Mohammad Barkindo, the Azerbaijani Energy Ministry said in a message June 19.

OPEC+ countries, who will meet in Vienna on June 22-23 to discuss easing oil output quotas, have so far failed to reach consensus on the issue, Iraqi Oil Minister Jabbar Alluaibi said upon his arrival to Vienna, TASS reports.

The Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, will bring significant benefits to its host, transit and destination countries, European Commission Vice-President for Energy Union Maros Sefcovic told Trend.

The new pipelines will provide Baku with an opportunity to increase the gas supply volumes to the foreign market, according to Russia’s Nezavisimaya Gazeta (Independent Newspaper).

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, amounted to $75.42 per barrel at the Italian port of Augusta on June 18, that is $1.43 more than on June 15, a source on Azerbaijan’s oil and gas market told Trend June 19.

The oil prices of reference marks are lowered because of fears of growth of production in OPEC and the emerging trade war between the U.S. and China.