Azerbaijan's oil production commitments not to change in February-March

Azerbaijan's oil production commitments not to change in February-March
  • Clock-gray 22:39
  • calendar-gray 05 January 2021

At the 13th meeting of OPEC Plus ministers, it was decided to continue the existing quotas for daily crude oil production in February-March, the Ministry of Energy told APA.

Under the new agreement, OPEC plus countries' daily crude oil production reductions will reach 7.125 million barrels in February and 7 million in March. 50,000 barrels.

Azerbaijan's liabilities of 123,000 barrels in January this year will remain stable in February-March. According to the Declaration of Cooperation, in the next two months, Azerbaijan will increase crude oil production by 8,000 barrels per day and maintain production at 595,000 barrels.

It should be noted that Azerbaijan's contribution to the achievement of this agreement between the OPEC plus countries, the continuation of the dialogue to establish stability in the oil market and the agreement of the parties was praised during the meeting.

Speaking at the meeting, Azerbaijani Energy Minister Parviz Shahbazov said that the uncertainties caused by the pandemic continue to put pressure on the oil market and demand is recovering weaker than expected, adding that a sensitive approach to the regulatory process is needed: "The main goal for us is to ensure the balance of supply and demand in the market and maintain it. Therefore, I think that the transition from a sharp reduction to an increase in production should be gradual and cautious. "

It should be noted that at the 12th meeting of the Ministers of the Organization of the Petroleum Exporting Countries (OPEC) in December last year, daily crude oil production in January 2021 was estimated at 0.5 million barrels per day. Through the monthly meetings of OPEC plus ministers, quotas will be gradually increased to $ 2 million in the coming months. softening to a barrel was agreed.

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