Azerbaijan supports continuation of existing output cuts 

Azerbaijan has supported the agreement of the 14th meeting of the OPEC+ countries to maintain the existing quotas on daily output in April, Report informs referring to Ministry of Energy.

Azerbaijani Minister of Energy Parviz Shahbazov noted that the oil market is now balanced, but risks remain: “Current price rise is triggered by global conjuncture rather than global demand. Oil price rise becomes sustainable when it is related to the demand, is based on fundamental factors. Therefore, the best option is to suspend the corrections in output.”

Under the new decision, Azerbaijan’s commitment will be 123,000 barrels in April. The daily output will be maintained at 595,000 barrels. The reductions of OPEC+ countries in April will make up 6.9 million barrels.

At the 12th Ministerial Meeting of OPEC and non-OPEC countries, it had been decided to increase the daily output by 0.5 million barrels in January 2021, and soften the quotas up to 2 million barrels over the next months through the monthly OPEC+ meetings. The 13th meeting of the OPEC+ countries held in January 2021 decided to cut the daily output by 7,125,000 barrels in February, 7,050,000 barrels in March.