Azerbaijani Economy 6 december — 08:37

Azerbaijan is ready to cut oil production under OPEC+ deal


Azerbaijan supports the idea of reducing oil production within OPEC+, Energy Minister Parviz Shahbazov told reporters on the sidelines of a monitoring committee meeting.

'Yes, I think we need to work in this direction,' he said, responding to the question whether Azerbaijan supports the idea of reducing production within OPEC+, TASS reports.

Shahbazov also expressed the hope that one of the meetings of the monitoring committee will be held in Baku.

Earlier, OPEC ministers at the meeting of the monitoring committee agreed on the need to reduce oil production, including Russia. Quotas for the decline in production next year may be about 1 million barrels per day.

The final decision to reduce production should be made on Friday, December 7, when OPEC meets with representatives of Russia. The leaders of the discourse to reduce production are Russia and Saudi Arabia, who are interested in reduction in order to support oil prices.

Before that, US President Donald Trump called on members of the Organisation of Petroleum Exporting Countries (OPEC) to abandon the deal to reduce oil production in order to keep fuel prices low.

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