OPEC+ to hold discussions in Baku

OPEC+ to hold discussions in Baku

The Joint OPEC-non-OPEC Ministerial Monitoring Committee will discuss the impact of oil output cuts on the market during a meeting in Baku in February, the United Arab Emirates Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei said.

"The ministerial committee for production control will examine at its meeting expected in February in Azerbaijan the commitment to the agreed reduction rate between the OPEC member countries and the independent countries abroad," Interfax cited him as saying.

According to him, the oil markets are witnessing a gradual rebound, noting that the balance in production levels serves the oil producing and consuming countries.

Head of the 'Caspian Barrel' Center for Oil Research Ilham Shaban told Vestnik Kavkaza that Azerbaijan positively assesses the new deal with OPEC +. "Azerbaijan provides its capital as a venue for the ministerial meeting, which was agreed upon last year. Azerbaijan has been an active participant in these negotiations since 2016, then became a member of the OPEC + and reduced its oil output in 2017, having gained significant benefits from the increase in oil prices on world markets. Therefore, warm relations have developed between Baku and OPEC + over the past years, and in a month the meeting at the highest level will be held in our country. Azerbaijan, as a country whose economy is still dependent on oil, always supports bringing global oil prices to a fair level," he said, adding that Azerbaijan is steadily fulfilling its obligations under the OPEC + deal, reducing its output volumes.