Barkindo highly assesses Azerbaijan’s role in OPEC deal

Thu 03 Jan 2019 15:41 GMT | 19:41 Local Time

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Azerbaijan has played a leading role in OPEC’s Declaration of Cooperation, Mohammad Barkindo, OPEC Secretary-General told Trend.

“At OPEC, we are extremely grateful for the robust support and excellent contribution of Azerbaijan, and we look forward to keeping working closely with the country, as we move forward to enhance the framework of cooperation,” he said.

Barkindo noted that he visited Baku twice last year and met with President Ilham Aliyev, Energy Minister Parviz Shahbazov and other senior officials.

“I would also like to recognize, with the utmost gratitude and respect, the late Natig Aliyev, who was a driving force in the lead-up to the Declaration of Cooperation. He left a rich legacy and is fondly remembered,” said the OPEC secretary general.

The Declaration of Cooperation constitutes an unprecedented milestone in the history of the OPEC. For the first time ever, the Member Countries of OPEC coordinated with 11 non-OPEC oil-producing countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary production adjustments, which amounted to approximately 1.8 million barrels per day.

The Declaration was an outcome of the 1st OPEC and non-OPEC Ministerial Meeting held on 10 December 2016 and was effective for an initial period of six months.

The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.

The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (two percent), respectively.

In January-November 2018, Azerbaijan produced 35.47 million tons of oil and gas condensate, which is 0.1 percent more than in the same period of 2017, according to the Azerbaijani State Statistics Committee.

News.Az

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