Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June, Trend reports with reference to Reuters.

As of May 1, Azerbaijan reduced its oil production in line with its OPEC+ commitments, head of the press service of the Ministry of Energy, Zamina Aliyeva told local media reported.

Abu Dhabi National Oil Company (ADNOC) has notified its customers in a letter of its plans to voluntarily adjust its crude oil production in May and June 2020, Trend reports citing OPEC.

Azerbaijan's Energy Minister Parviz Shahbazov has attended the informal video conference with the participation of several OPEC+ countries, the ministry told local media.

The Declaration of Cooperation on reducing the daily oil production has been approved at the tenth meeting of ministers of OPEC and non-OPEC countries held in the format of videoconference, Trend reports citing Azerbaijan’s Energy Ministry.

Ministers of OPEC+ countries will meet again today, on April 12, Trend reports with reference to Azerbaijan’s Ministry of Energy.

Iranian oil minister revealed details of the extraordinary OPEC and non-OPEC Ministerial Meeting, saying that 22 countries had agreed to reduce production by 10 million barrels per day, and that talks with Mexico were set to continue to finalize the decision.

Oil prices rose on Thursday on expectations the world’s leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand, Trend reports with reference to Reuters.

Azerbaijan’s participation in the upcoming OPEC meeting is good news for its citizens and business circles, Doctor of Economics, Professor of Russia’s St. Petersburg State University Stanislav Tkachenko told Trend.

The new deal of OPEC+ will increase oil prices, which, in particular, is important for the influx of new investments in energy projects of Azerbaijan, analyst at the Russian National Energy Security Fund, expert at the Financial University under the Government of the Russian Federation, Igor Yushkov told Trend, commenting on the upcoming meeting of OPEC+ countries.