Azerbaijan has supported the decision taken at the 15th meeting of the OPEC+ ministers to gradually increase daily production to 1.1 million barrels over the next three months (from May through July 2021), according to the Azerbaijani Ministry of Energy.
According to the new ‘Declaration of Cooperation’, daily crude oil production in Azerbaijan will increase by 8,000 barrels in May, 7,000 barrels in June, and 10,000 barrels in July.
“Thus, Azerbaijan's new production commitments will amount to 115,000 barrels in May, 108,000 barrels in June, and 98,000 barrels in July. Daily oil production in the country will remain at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July,” the ministry said.
Energy Minister Parviz Shahbazov, speaking at the meeting, considered the confident acceptance of adequate and quick decisions by OPEC+ by the global oil market, as well as solidarity among the participants in the ‘Declaration of Cooperation’ as important moments in an unstable period.
The minister stressed the importance of thoughtful, careful behavior in regulatory measures and taking into account all development scenarios.
"Our main goal is to achieve a balance in the oil market that serves the common good. I believe that the current OPEC+ decision will also contribute to efforts to balance market dynamics," Shahbazov said.
