On Thursday, OPEC+ members gathered via online video conference to discuss the terms of a new oil output cut deal, APA reports
Azerbaijan's Ministry of Energy said in a statement that OPEC+ had adopted a new declaration on cooperation that envisages a three-stage reduction in oil production, which, if implemented, will cut oil production by 23%, or 10 million barrels per day.
The Ministry of Energy of Azerbaijan, a country which is one of the members of the OPEC+ format, said in the statement that Mexico had refused to accept the three-stage oil reduction, with output cuts of 400,000 barrels per day from October 2018 levels.
"During the ninth meeting of the ministers of the Organization of the Petroleum Exporting Countries in a format of a video conference, the new Declaration of Cooperation was adopted after some 11-hour discussions on condition that Mexico will accept the proposed cuts. It should be noted that the new Declaration of Cooperation envisages the three-stage reduction of the daily oil production compared to the level of October 2018," the ministry said.
Azerbaijan has also made new commitments to balance the world oil market and stabilize oil prices. In October 2018, Azerbaijan, which has a daily production of 718,000 barrels of crude oil, will have to reduce production by 164,000 barrels from that level under the new agreement. During this period, Azerbaijan must maintain daily crude oil production at 554,000 barrels.