Azerbaijan supports decision to increase oil production on OPEC+

Azerbaijan supports decision to increase oil production on OPEC+
# 02 February 2022 17:45 (UTC +04:00)

At the 25th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also expressed its support to the decision made on increasing daily oil production by 400,000 barrels in March in order to support balance in the global oil market, Ministry of Energy told APA-Economics.

The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in March to reach 675,000 barrels, while the reduction commitment is 43,000 barrels.

It should be reminded that at the 19th meeting of the ministers of OPEC plus countries held in July, starting from August, the decision was made to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the “Declaration of cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.

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