Azerbaijan supports extension of OPEC + deal (PHOTO)

Baku, Azerbaijan, July 2

By Sara Israfilbayova - Trend:

Azerbaijan has supported the extension of the OPEC + agreement on oil production cut for another nine months, Trend reports with reference to Ministry of Energy on July 2.

The deal was extended until the end of the first quarter of 2020. Quotas of OPEC + countries remain unchanged.

Azerbaijan’s Energy Minister Parviz Shahbazov highly appreciated this step and noted it as a historic event.

Shahbazov also noted that the Charter on Cooperation, signed by OPEC and non-OPEC countries, will allow doing everything possible to maintain the balance of the oil market.

Following the discussions at the conference in Vienna (Austria), OPEC and non-OPEC countries, including Azerbaijan, signed a “Declaration of Cooperation.”

The execution of the “Declaration of Cooperation” is planned from July 1, 2019 to March 31, 2020.

At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to modernize the terms of the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.