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Azerbaijan to attend OPEC+ ministerial meeting

05 June 2020 16:19 (UTC +04:00)

The meetings via videoconferencing of the ministers of OPEC countries will be held at 04:00 p.m., and of OPEC plus countries at 06:00 p.m. Baku time on June 6, the Energy Ministry told "APA-Economics".

Azerbaijan’s Energy minister Parviz Shahbazov will also participate in the meeting of ministers of OPEC and non-OPEC countries.

The condition of the global oil market, the development trends, the fulfillment of production reduction obligations will be discussed at the meeting of OPEC plus ministers. Also the consideration of the issue of extension beyond June of the period of the existing Cooperation Declaration regarding reduction of daily oil production by 9.7 million barrels in OPEC plus countries has been envisaged.

Note that The OPEC Secretariat has scheduled a ministerial meeting of OPEC+ countries on Saturday, June 6.

"The meeting will be held this Saturday," the source said.

The OPEC+ disagreed about the meeting date after receiving preliminary data on implementation of the agreement in May. It turned out that Iraq, Nigeria, and Kazakhstan did not fully implement the plan to reduce oil production. In turn, Saudi Arabia and Russia demanded that the situation would be corrected first before the meeting. It was originally scheduled for June 9-10. However, after Russia and Saudi Arabia tentatively agreed on extending the current level of cuts for at least another month, it was proposed to hold a meeting earlier, on June 4. This would allow to form export schedules for July and supply prices on time. However, due to performance problems on June 4, the meeting was not held.

The meeting this weekend was made possible because Iraq recognized the difficulties in reducing production and promised to catch up in July.

At the same time, the meeting of the OPEC+ technical committee and the ministerial monitoring committee, which always took place before the main meeting, were postponed to June 17-18, TASS sources reported. By this time, experts will receive more relevant data on production levels in May.