Next OPEC meetings due in Baku in March

Fri 18 Jan 2019 11:13 GMT | 15:13 Local Time

Text size: bigger smaller

The Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC), as well as the Joint Technical Committee will convene on 17-18 March in Baku, the OPEC Secretary General Mohammad Barkindo told AZERTAC.

The meetings will review the oil-producing countries’ commitment to the agreement on reducing the oil output and its impacts on the oil market.

The 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, 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 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively. According to the agreement, Azerbaijan has also pledged to reduce oil production by approximately 20,000 barrels per day beginning this month.

News.Az 

Printer

Commentary

Most read articles

More from Economy

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook



Real estate

Virtual karabakh