Baku, Azerbaijan, Feb. 13
By Azad Hasanli, Maksim Tsurkov – Trend:
Azerbaijan is ready to further reduce oil production if OPEC and non-OPEC countries make the relevant decision, Zamina Aliyeva, head of the press service of Azerbaijan’s Energy Ministry, told Trend Feb. 13.
“Azerbaijan has completely fulfilled its obligations to reduce the volume of oil production by 35,000 barrels per day since Jan. 1, 2017,” she said. “One can see the positive effect this decision had on the market.”
Aliyeva recalled that in March 2017, Kuwait will host a ministerial meeting of OPEC High-level Monitoring Committee, where the implementation of agreements and their impact on the market will be considered.
Earlier, Kuwaiti Oil Minister Essam Abdul Mohsen Al-Marzouq said that in February 2017, OPEC and four non-OPEC countries will discuss the further reduction of oil production.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.