A decision has been adopted to reduce daily oil production by more than 500 thousand barrels in the first quarter of 2020 at the VI Meeting of Ministers of OPEC Member States and Non-Member States in Vienna, Azerbaijani Energy Ministry told APA.
Thus, the commitment to reduce daily oil production over OPEC plus has been raised to 1.7 million barrels. Distribution of additional volumes related to reducing of production was carried out proportionally among the OPEC plus countries.
Azerbaijan has joined the new Agreement related to the reduction of production in additional volumes to support the global oil market regulation process
Accordingly, Azerbaijan will reduce its daily oil production by 20,000 barrels plus 7,000 barrels per day. Thus, reaching its commitment to 27 thousand barrel Azerbaijan should maintain the daily production at 769 thousand barrel from January 2020.