By Ayya Lmahamad
Azerbaijan has agreed to increase oil production in July within the OPEC+ agreement, the energy ministry’s press service has reported.
OPEC and non-OPEC countries agreed to keep the decision to increase oil production in force for July, during the 17th Ministerial Meeting that was also attended by Azerbaijan’s Energy Minister Parviz Shahbazov.
“Azerbaijan has also agreed to keep the plan for maintaining the commitments of daily oil output cut for the participants of the Declaration of Cooperation at 5.76 million barrels in force in July,” Azerbaijan’s Energy Ministry has reported.
In April 2020, OPEC and non-OPEC countries joined an agreement on the reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.
In the second phase of the agreement, covering the period from August 1 to December 31, the daily production of crude oil in OPEC+ countries was reduced by 7.7 million barrels, which is 18 percent less than in October 2018.
According to the agreement reached at the 12th Ministerial Meeting, Azerbaijan had to increase daily oil production by 8,000 barrels and keep production at the level of 595,000 barrels in January.
Additionally, at the 13th Ministerial Meeting of the OPEC+ countries, it was decided to continue the existing quotas on daily crude oil production in February-March, and later, at the 14th Ministerial Meeting to continue with the existing quotas on daily crude oil production in April.
Earlier, Azerbaijan supported the OPEC+ agreement on increasing the crude oil production up to 1.1 million barrels for May, June and July, reached at the 15th ministerial meeting. Under the new Declaration of Cooperation, the country’s daily crude oil production should be maintained at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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