BAKU, Azerbaijan, Dec. 2
Azerbaijan agreed to the decision to increase daily oil production volume by 400,000 barrels in January 2022 made at the 23rd meeting of the ministers of the member-states and non-members of the Organization of the Petroleum Exporting Countries (OPEC), Trend reports with reference to the Azerbaijani Ministry of Energy.
The new "Declaration of Cooperation" envisages an increase in daily oil production volume in Azerbaijan by 7,000 barrels - up to 661,000 barrels in January 2022. Thus, the total level of a decrease in oil production by the country in January 2022 compared to October 2018 will reach 57,000 barrels per day.
Azerbaijani Energy Minister Parviz Shahbazov said that the OPEC + plan to gradually increase oil production volume since August, helps to balance the market.
“We are moving in the right direction,” the minister said. “Azerbaijan supports the new OPEC + decision.”