At the 33rd meeting of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries held in Vienna, starting from November 2022, daily crude oil production will increase to 2 mln. Azerbaijan also agreed to the decision made regarding the release of the barrel, the Ministry of Energy told APA-Economics.
It should be noted that these new obligations of the participating countries of the "Declaration of Cooperation" were determined based on their quotas in August of the current year. The term of the agreement has been extended until December 31, 2023.
According to the new decision, Azerbaijan's commitment to reductions is 33,000 barrels per day. Thus, the "OPEC plus" agreement envisages that from November 2022, daily crude oil production in our country will be reduced from the level of August, that is, from 717 thousand barrels to 684 thousand barrels.
The next meeting of "OPEC plus" is scheduled for December 4 of this year.