OPEC+ approves production commitments for next three months 

The ministers of OPEC+ countries approved the decision on the production commitments for May-June-July, adopted at the 15th Meeting of OPEC and non-OPEC Ministers, Report informs, referring to Ministry of Energy.

Within the "Declaration of Cooperation", Azerbaijan's quota for May was set at 115,000 barrels, for June at 108,000 barrels, and for July at 98,000 barrels. Daily crude oil production in the country will be 603,000 barrels in May, 610,000 barrels in June, and 620,000 barrels in July. Daily crude oil output will increase by 8,000 barrels in May, 7,000 barrels in June, and 10,000 barrels in July.

Energy Minister Parviz Shahbazov said that the gradual increase in production and easing of cuts is adequate to the market situation and will contribute to the regulatory process: “Recently, it is observed that the global oil market has become more balanced, commercial oil reserves have declined and the oil price corridor has become relatively stable. In this regard, the situation is favorable for the implementation of our production plans on a three-month schedule. At the same time, along with the positive trends in the oil market, the persistence of risks makes it necessary to increase production within the projected volumes, not to exceed quotas, and to compensate. I believe that the commitment of the participants of the "Declaration of Cooperation" will continue to provide the necessary support to the oil market."

It should be reminded that the three months plan was adopted at the 15th Ministerial Meeting of OPEC plus on 1 April 2021, in which the production commitments of the participants of the Declaration of Cooperation were set as 6.55 million barrels for May, 6.2 million barrels for June and 5.76 million for July.