The OPEC cuts didn’t fully solve the problem – instead they offer a light bandage to get through the first quarter of 2020, Trend reports with reference to Rystad Energy, the independent energy research and consulting firm headquartered in Norway.

Azerbaijan will reduce its daily oil production by an additional 7,000 barrels to meet OPEC’s new requirements with regards to oil output.

OPEC and allied oil producers, the so-called OPEC+, have agreed to deepen their output cuts by 500,000 barrels per day, sources said on Friday.

Azerbaijan’s Energy Minister Parviz Shahbazov has arrived in Vienna at the invitation of Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo, Trend reports referring to Azerbaijan’s Energy Ministry.

Azerbaijan and Russia cooperate in a number of spheres with energy cooperation being one of the leading directions of this strategic partnership.

Azerbaijan’s oil and gas sector still accounts for a huge share in the country’s GDP.

The new OPEC+ deal, in which the countries of the cartel cut production by 800,000 barrels per day and non-OPEC countries by 400,000 per day, was reached on December 7, 2018. Following the meeting of the ministers of OPEC and non-OPEC in Vienna on July 2, the agreement on limiting oil production was extended until the end of the first quarter of 2020.

Despite a swathe of news that should have been positive, commodity prices struggled to make gains this week as concerns about global growth continue to weigh on sentiment, Trend reports citing UK-based Capital Economics research and consulting company.

OPEC+ countries have decided to extend the oil output cut deal from 1 July 2019 to 31 March 2020, Trend reports citing OPEC.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC countries that are part of the oil output cut deal are set to gather in Vienna on July 1-2 for a series of ministerial meetings to make an official decision on the fate of the agreement on limiting output that expires in June, Trend reports citing Sputnik.