Azerbaijan ready to further cut oil production in case of OPEC proposal

Spokeswoman of the country’s Energy Ministry Ms Zamina Aliyeva, said that Azerbaijan is prepared to continue cutting oil production if the Organization of the Petroleum Exporting Countries (OPEC) makes such a proposal during the upcoming meeting of the ministerial committee that will take place in Kuwait on March 22-23.

Ms Aliyeva said that “We have completely fulfilled our obligation on cutting oil production since January 2017. From our point of view, the decision on cutting [oil production] has a positive impact on the market. In March, the monitoring committee on compliance with the decision on cutting oil production will hold a meeting in Kuwait, analyze the decision’s impact on the market. If there is a proposal on additional oil production cuts, Azerbaijan’s position will be positive.”

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting January 2017.

In December 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers decided to cut oil output by 558,000 barrels per day from January 2017. Azerbaijan, which is not an OPEC member, agreed to reduce oil production by 35,000 barrels per day. In January, the Azerbaijani Energy Ministry said the country fulfilled the obligation.

The monitoring committee was created in order to secure the implementation of the deal and includes representatives of Algeria, Kuwait, Oman, Russia, and Venezuela.

Source : SPUTNIK

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