OPEC+ to meet before June

The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies could happen before June if Russia agrees to return to discussions, Energy and Industry Minister of the United Arab Emirates, Suhail Al Mazroui informed Friday.

Report says citing foreign media that on March 6, OPEC and non-OPEC allies failed to agree on the volume of oil production cut amid the coronavirus outbreak. Russia reportedly refused to give the green light to the deepest supply cuts since the global financial crisis.

OPEC on Thursday recommended additional production cuts of 1.5 million barrels per day from early next month to a late year.

On December 6, 2019, OPEC and non-OPEC allies agreed to deepen recurring production cuts by an additional 500,000 barrels per day.

The new “Cooperation Declaration” fixed Azerbaijan’s obligation at the level of 27,000 barrels. Since January 2020, daily oil production in Azerbaijan amounted to 769,000 barrels. The term expires this month.