The new "Declaration on Cooperation" envisages a corresponding increase in daily oil production in Azerbaijan from August to the end of the year, as well as a corresponding decrease in obligations for reductions. From May 2022 until the end of the year, the calculation of Azerbaijan's oil production obligations will continue on the basis of the existing base, that is, the daily crude oil production of 718 thousand barrels per day in October 2018 in our country will remain the basis for determining the production level next year.
Minister of Energy Parviz Shahbazov, who was present at the meeting, on behalf of Azerbaijan, supported this new OPEC + decision, which will help balance the world oil market.
The new agreement calls for a reduction from 5.8 million barrels in OPEC + countries to 2 million barrels by the end of 2021.
At the meeting, it was decided to hold the next meeting of OPEC and non-OPEC ministers on September 1, 2021.
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