Baku. 19 May. REPORT.AZ/ Energy Minister of Azerbaijan Natig Aliyev will pay a visit to Vienna (Austria), May 23-25.
Report informs referring to the ministry's press service.
N. Aliyev will represent Azerbaijan at the 172nd meeting of the Council of Ministers of OPEC and non-cartel countries.
Taking into account the leading role of Azerbaijan in measures to stabilize oil prices, N. Aliyev was invited to meet with OPEC Secretary General Mohammed Sanusi Barkindo, the head of the joint monitoring committee, Kuwait's oil minister Essam al-Marzouk.
The Council of Ministers will hear a report concerning the impact of fulfilment of production cut obligations to oil market, trends in energy market, and analysis of economic growth rates. The extension of agreement until the second half of year or any other decisions will be taken based on results of the report.
The Azerbaijani Energy Minister notes that for the first time the unanimous position demonstrated by oil producers ensured successful outcomes of the agreement in first half of the year. According to him, the process of price stabilization in the oil market confirms the correctness of the chosen method: "Azerbaijan is ready for the following steps to ensure price stability in the oil market."
Notably, Azerbaijan fulfilled its obligations under the agreement, limiting production by 35 thousand barrels a day. In January, daily production in Azerbaijan amounted to 793.9 thousand barrels, in February - 776.4 thousand barrels, in March - 733.3 thousand barrels, in April - 781.1 thousand barrels. The Joint Monitoring Commission has highly appreciated the role of Azerbaijan as a leading country in this process.