Energy Ministry welcomes OPEC+ Ministers’ decision

Energy Ministry of Azerbaijan welcomes the OEPC+ Ministers’ decision.

A historical decision for oil producers, consumers, and the whole world was made at the 10th OPEC+ Ministerial Meeting. Within this format, a decision covering two years and reduction of large-volume of production, which is globally supported, was made for the first time.

Azerbaijan, in turn, made all efforts for oil countries to reach a deal. Azerbaijan’s contribution to this process was appreciated by Saudi Energy Minister Abdul Aziz bin Salman at yesterday’s meeting. While thanking the countries, he underlined Azerbaijan for its position at the meetings held on March 6 and April 9, active participation in the process of consultations.

Azerbaijan will continue making a contribution to the balancing of the oil market by fulfilling its commitment starting May.

According to the latest amendment in the ‘Declaration of Cooperation,’ the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022.