19 March, 2019

Azerbaijan to improve performance on oil production cuts under OPEC+

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Next month, the indicators of Azerbaijan’s compliance with the OPEC+ agreement to reduce oil production will be even better, the Azerbaijani Energy Minister Parviz Shahbazov said at a press conference following the meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, Trend reports.

"For two and a half years Azerbaijan has exceeded its obligations under the OPEC+ agreement. Last December, we made new commitments. We remain committed to our obligations. Following the results of the 1H2019, Azerbaijan will completely fulfill its obligations under OPEC+. Next month there will be even better results," the minister said.

Both meetings of OPEC+, which were held on March 17-18 in Baku, were successful, he noted.

"Azerbaijan, as an active participant in the OPEC+ format, has always contributed to the successful implementation of joint efforts to preserve the balance in the oil market. Azerbaijan will fully support this agreement in the future," the minister added.

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.

The meeting participants discussed the current state of the oil market, existing problems and other issues.

The event then featured a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.

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