BP CEO Robert Dudley told reporters on Wednesday that the OPEC output cut deal wouldn’t be a problem for the company, who has operations in several countries participating in the cuts.
"We operate in countries around the world. We don't actually reduce production, but there are some places and locations inside those countries that were affected," Dudley said. "We have production in Abu Dhabi that now will have some effect. Azerbaijan announced today that they were reducing production," Dudley said, adding, “We don't as a company make decision to cut our output, but there are some places where this is essentially regulated."
On November 30, 2016, OPEC and non-OPEC countries agreed to cut output by 1.2 million barrels to 32.5 million barrels.
Earlier, President Ilham Aliyev said Azerbaijan fulfils its obligations on oil output cut. HE also noted that Azerbaijan may further cut back on oil output: ““If OPEC and non-OPEC countries make a decision on further cut back on oil output, Azerbaijan is ready to support this decision. As you know, we have assumed an obligation on reduction of output 35,000 barrels per day. We’ll fulfil this obligation. We have reduced output 35,000 barrels for now. If a decision is made on reduction of output more, we’ll support this decision. I think all countries should be solidary in this process”
Energy minister Natig Aliyev said yesterday that Azerbaijan has reduced output by 35,000 b/d since January 1, noting that the country’s total oil production was 789,000 b/d during January 1-20 in the line with this pledge: “Azerbaijan is fully committed to its obligations under the oil deal reached with OPEC and non-OPEC members”.