Azerbaijan proposes to hold OPEC+ conference in Baku

Mon 19 March 2018 15:16 GMT | 19:16 Local Time

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Azerbaijan has proposed to hold the OPEC+ conference in Baku, OPEC Secretary General Mohammad Barkindo said at a press conference in Azerbaijan’s capital March 19.

Barkindo said that he would like to thank President of Azerbaijan Ilham Aliyev for the generous invitation to OPEC members and non-OPEC countries to hold one of the OPEC + conferences in Baku, which is the cradle of the oil industry.

"This is a great honor for us, and we look forward to holding of a conference in Baku and rapprochement with all the producers participating in the OPEC + agreement here," Barkindo said, Trend reports.

He further noted that the next meeting of the Monitoring Committee on compliance with commitments under the OPEC + agreement on oil production cut will be held in Jeddah on April 14-15.

"Reports on fulfilling of the obligations of all 24 countries participating in the agreement will be considered at the meeting," Barkindo said.

The Secretary General stressed that the energy ministers of the OPEC countries, as well as the parties to the agreement will mull the extension of the OPEC + agreement at the conferences in June and in November 2018.

In December 2016 at the meeting of oil producers in Vienna, 11 non-OPEC member countries (including Azerbaijan) agreed to cut the oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at the meeting on May 25,2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.

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