Azerbaijan supports OPEC+ decision to increase daily oil production

Azerbaijan supported the decision to increase daily oil production by 400,000 barrels in March 2022, which had been adopted at the 25th meeting of ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries, according to the Ministry of Energy of the Republic of Azerbaijan.

According to the ministry, the new "Declaration on Cooperation" provides for an increase in daily oil production of Azerbaijan by another seven thousand barrels in March, up to 675 thousand barrels, and the obligation to reduce is envisaged at the level of 43 thousand barrels.

At the 19th meeting of OPEC+, it was decided to extend the validity of the "Declaration on Cooperation", implying an increase in daily crude oil production by 400,000 barrels every month, until the end of 2022.