OPEC+ confirms Azerbaijan's oil production commitments for May-July
The OPEC + countries approved the decision taken at the 15th meeting of the ministers of the OPEC and non-cartel countries on oil production obligations in May-July, the Ministry of Energy of Azerbaijan said in a statement.
Within the adopted declaration on cooperation, Azerbaijan's production quotas for the next three months have been determined, said the statement.
According to the ministry, thus, Azerbaijan's new obligations for oil production are 115,000 barrels in May, 108,000 barrels in June, and 98,000 barrels in July.
“Daily oil production in Azerbaijan will remain at 603,000 barrels in May, 610,000 barrels in June, and 620,000 barrels in July. Oil production will rise by 8,000 barrels in May, 7,000 barrels in June, and 10,000 barrels in July,” the statement said.
Azerbaijan’s Energy Minister, Parviz Shahbazov, whose words are quoted in the statement, said that a gradual increase in production will contribute to the process of market regulation.
"Recently, there has been a trend towards a balanced world oil market and a reduction in commercial reserves of raw materials," Shahbazov said.
“In addition to positive trends in the oil market, it is necessary that production growth remains within the target volumes and does not exceed quotas. I believe that the commitment of the participants in the declaration of cooperation to their obligations will continue to provide the necessary support to the oil market,” the minister added.