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Azerbaijan offers oil producers outside OPEC+ to make commitments

Azerbaijan offers oil producers outside OPEC+ to make commitments

Economy
22 April 2020, 10:23 252
Azerbaijan's Energy Minister Parviz Shahbazov has attended the informal video conference with the participation of several OPEC+ countries, the ministry told Trend.
According to the ministry, the current state of the world oil market and the implementation of commitments since May have been discussed at the conference.
During the discussions, Shahbazov called on other oil producers outside the OPEC+ format to make commitments.
OPEC+ is fulfilling a historic mission and has made relevant commitments. Now oil producers outside the OPEC+ should actively join the process and take their commitments, the minister said.
This time, quotas on the limitation of oil production by OPEC and non-OPEC countries concern only the production volume of crude oil, the volumes of condensate are not taken into account in these obligations.
The daily production of crude oil in Azerbaijan amounted to 718,000 barrels in October 2018. Azerbaijan’s obligations envisage the reduction of daily crude oil production in May-June by 23 percent – 164,000 barrels, in July-December - by 18 percent – 131,000 barrels, from January 2021 through April 2022 by 14 percent – 98,000 barrels.
In accordance with its obligations, Azerbaijan must maintain daily crude oil production in May-June 2020 at the level of 554,000 barrels, in July-December – 587,000 barrels, from January 2021 through April 2022 – 620,000 barrels.