BAKU, Azerbaijan, December 5. OPEC+ countries have reached an agreement to maintain daily crude oil production at 39.7 million barrels through the end of 2026, Azerbaijan’s Energy Minister Parviz Shahbazov shared on his X page, Trend reports.
"Azerbaijan’s production quota will remain unchanged. However, eight countries have committed to continuing their additional voluntary production cuts, as announced in April 2023, amounting to 1.65 million barrels per day until December 2026, and a further voluntary reduction of 2.2 million barrels per day until the end of March 2025, as announced in November 2023. These reductions will be gradually lifted monthly until September 2026.
These OPEC+ agreements are crucial for maintaining the stability of the global oil market and supporting the sustainable development of the oil industry," the publication reads.