Baku, Azerbaijan, May 18
OPEC+ deal to reduce oil production has proven to be effective, and it is necessary to extend it after June, Azerbaijan’s Energy Minister Parviz Shahbazov told reporters ahead of the upcoming meeting of the monitoring committee on May 18, Trend reports citing TASS.
"Cooperation over two years has proven its significance, and the results are obvious today. I think that this cooperation should be continued," Shahbazov added.
Shahbazov said he believes that at present, "the market behaves quite adequately."
“This shows that the decisions to reduce oil production during the first half of 2019 by 1.2 million barrels per day, of which 812,000 barrels account for OPEC countries and 383,000 barrels account for non-OPEC countries, taken in December were right and today reflect the necessary measures to return the oil market to balance".
The minister went on to add that a lot of factors, as well as the decline in the global economic growth, and various other factors affect the oil prices and the oil market.