Baku Announces Striving to 100% Fulfill Obligations Under OPEC+ Deal

The OPEC + agreement is yielding positive results, and Azerbaijan will strive for 100% fulfillment of its obligations within the deal, the country’s Energy Minister Parviz Shahbazov said during a video conference with the participation of the co-chairs of the Azerbaijan-Kazakhstan Intergovernmental Commission on Trade and Economic Cooperation on Friday, TASS writes.

“The decision taken within OPEC + proves that it is the only mechanism in the current situation. The positive results of the OPEC + agreement show that we have made the right decision. We are trying to continue to achieve 100% fulfillment of our obligations,” Shahbazov said, quoted by the Energy Minister press service.

In December of 2016, Azerbaijan joined the agreement to cut oil production among 11 non-OPEC countries. Since that time, the country has supported all OPEC + agreements to reduce production, taking appropriate obligations. As part of the OPEC + deal concluded in April this year, which provides for a cumulative decrease in daily production in May-June 2020 by 9.7 mln barrels, which was extended until the end of July, Azerbaijan pledged to reduce production by 164,000 barrels per day during this period (from the production level in October 2018), up to 554,000 bar /s. According to the Ministry of Energy, in July Azerbaijan fulfilled its obligations by 99.9%.

As part of the OPEC + deal, Azerbaijan in August-December 2020 should reduce daily production by 131,000 barrels, to 587,000 barrels.

Energy Ministers Parviz Shahbazov and Nurlan Nogayev are co-chairs of the Azerbaijan-Kazakhstan intergovernmental commission on trade and economic cooperation. An agreement was reached at a videoconference to hold the next meeting of the intergovernmental commission in the second half of October.

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