Azerbaijani Economy 15 may — 12:19

Energy minister: All opportunities mobilised for full implementation of Azerbaijan's commitments

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Azerbaijan highly appreciates the efforts of the participants of the 'Declaration of Cooperation' to accelerate the restoration of stability and balance in the global oil market and provides the necessary support to this process. This was stated by Minister of Energy of Azerbaijan Parviz Shahbazov.

The minister noted that the implementation of the historic agreement reached in April also requires high sensitivity and decisive steps on the part of the OPEC and OPEC+ member countries.

'In the positive trends observed in the oil market in May, undoubtedly, there is the role of measures taken by the OPEC+ countries to reduce production. A commitment to OPEC+ obligations, as well as the position of Saudi Arabia, the UAE and Kuwait to reduce production in additional volumes are crucial for regulating the oil market,' he said.

In accordance with the established quota, Azerbaijan, which for the first time took on large-scale commitments in order to stabilise the global oil market, has reduced daily oil production since 1 May.

'Azerbaijan directed all opportunities of the oil sector to fulfil its obligations, thereby ensuring equal participation of foreign and local oil producers in this process. The level of fulfilment of obligations of Azerbaijan in the first decade of May is 98 per cent. Our main goal is to contribute to the oil market, taking all necessary measures to reduce daily production from May to June by 164 thousand barrels,' said the minister.

Azerbaijan, whose daily crude oil production in October 2018 amounted to 718 thousand barrels, will reduce production from this volume under the new agreement from May to June by 164 thousand barrels. During this time, Azerbaijan should maintain a daily production of crude oil in the amount of 554 thousand barrels.

Commitments of Azerbaijan in July-December amounted to 131 thousand barrels, and from January 2021 to April 2022 - 98 thousand barrels. According to quotas, the daily production of crude oil in our country should not exceed 587 thousand barrels from 1 July to the end of the year, and from January 2021 to April 2022 - 620 thousand barrels.

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