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Traders believe that against the backdrop of a significant decline in prices, OPEC+ countries will continue to limit production.

Iraq and Kazakhstan, as part of the voluntary reduction in oil production, which some OPEC+ countries observe in the first half of the year, will compensate for the under-reduced volumes of almost 1 million barrels per day until the end of 2024, OPEC said in a statement.

He was among the US oil executives publicly urging Opec and Russia to rein in supply.

The sides emphasized the importance of cooperation between the two countries within OPEC+.

The fall in the oil market increases the expectations of experts that OPEC+ countries will continue to limit production.

“As part of our visit to the Kingdom of Saudi Arabia, we met with Abdulhamid Alkhalifa, the head of the OPEC Fund for International Development,” Azerbaijan’s Economy Minister, Mikayil Jabbarov, wrote on X, Report informs.

Without the simmering geopolitical worries, WTI would likely be in the low-to-mid $70-a-barrel range, “at best,” as consumer demand for gasoline has been sliding in recent weeks, while OPEC+ has made no changes to output policy in some time, said Richey.

“As a country rich in fossil fuels, Azerbaijan is a member of the OPEC+ platform. I think that this is also an additional advantage,” said President Ilham Aliyev as he addressed the High Level Segment of the 15th Petersberg Climate Dialogue in Berlin on April 26, Report informs, citing AZERTAC.

The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast of oil demand growth in 2024 and 2025, Report informs, citing Monthly Oil Market Report – April 2024.

In 2025, OPEC forecasts oil and condensate production in the country at 700,000 barrels per day.