Azerbaijan deems extension of Vienna agreement acceptable – ministry

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28 March 2017

“As a result of the fulfilment of the agreement, a positive tendency on the oil price is observed in the market. This means that OPEC and non-OPEC countries should coordinate their activities and take all necessary steps. Any decision on extension or termination of the agreement, as well as output cut will be determined in the OPEC meeting. However, as a country signing the agreement, Azerbaijan is ready to take steps on extension of the agreement. Since January, Azerbaijan has been fulfilling its obligation. As you know, the oil output made up 793,300 barrels in January, 776,400 barrels in February. It’s not accidental that the OPEC Monitoring Committee added Azerbaijan in the list of countries leading for fulfilment of the obligation”, Aliyeva said.

 

In accordance with the agreement, Azerbaijan should cut oil output 35,000 barrels in the first half of 2017. In January-February, Azerbaijan fulfilled the obligation by 214%.

 

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THE OPERATION IS BEING PERFORMED