OPEC and non-OPEC countries stated they will spontaneously reduce output in the coming months, up 83% from January, Saudi Arabian Minister of Energy, Industry and Natural Resources Khalid Abdulaziz Al-Falih said at the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC).
All countries attending the event separately and collectively stated that they will reduce the output in the coming months.
According to the agreement signed on December 10, 2016, Azerbaijan had to cut the output by 35,000 barrels a day.
On December 7, 2018, OPEC and non-OPEC countries agreed to reduce output by 1.2 million barrels. According to the new decision, Azerbaijan is to cut output by 20,000 barrels a day starting January 2019.
According to the OPEC report on March, Azerbaijan’s daily output will remain at 800,000 barrels this year.