Azerbaijan supports OPEC+ decision to increase daily oil production
Azerbaijan supported the decision taken at the 24th meeting of the OPEC + ministers on the plan to increase oil production by 400,000 barrels per day in February, News.Az reports citing the country's Energy Ministry.
The new "Declaration of Cooperation" provides for an increase in daily oil production in Azerbaijan by another 7,000 barrels to 668,000 barrels in February 2022, and the obligation to reduce is envisaged at the level of 50,000 barrels.
At the OPEC+ ministerial meeting on July 18, 2021, it was decided to increase oil production by 400,000 barrels per month in order to complete oil production cuts at 5.8 million barrels in September 2022. It was also decided, with partial adjustments to base oil production levels from May 2022, to extend the "Declaration of Cooperation" until the end of 2022.