Time-frame for meeting of OPEC-non-OPEC Joint Ministerial Monitoring Committee in Baku announced

25 December 2018 12:48 (UTC+04:00)

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A meeting of the OPEC-non-OPEC Joint Ministerial Monitoring Committee will be held in Baku in late February - early March, the Azerbaijani Energy Ministry told Trend on Dec. 24.

“Presently, the exact date of the meeting is unknown,” the ministry said. "This issue must be coordinated with the member-states of the organization."

Azerbaijan undertook to reduce oil production from January 2019 by 20,000 barrels up to 776,000 barrels per day within the OPEC + agreement.

In early December, the member-states of the OPEC + agreement decided to reduce the total oil production by 1.2 million barrels per day from January 2019.

The reduction will be valid during six months. OPEC member-states will reduce production by 800,000 barrels, while non-OPEC countries - by 400,000 barrels.

According to the Azerbaijani State Statistics Committee, 35.47 million tons of oil and gas condensate were extracted in the country in January-November 2018, which is 0.1 percent more than in the same period of 2017.

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