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.

Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC and its allies led by Russia would most likely extend their oil output-cutting deal by nine months and that no deeper reductions were needed, Trend reports citing Reuters.

Baku and Moscow are aimed at expanding energy cooperation.

The high level of fulfillment of countries’ commitments under OPEC+ had a positive impact on the world oil market and oil prices.

Azerbaijan considers it necessary to extend the OPEC + deal, and under the same conditions, Azerbaijan’s Energy Minister Parviz Shahbazov told reporters on the sidelines of the Future Leaders Forum of the World Petroleum Council in St. Petersburg, Trend reports with reference to TASS news agency.