(MENAFN - AzerNews) By Mirsaid Ibrahimzade
Azerbaijan has fulfilled its commitments on reduction oil production under the OPEC+ agreement in January-April 2019 for 130 percent.
Azerbaijani Energy Minister Parviz Shahbazov made the statement at an OPEC 14th Meeting of the Joint Ministerial Monitoring Committee (JMMC), which was held in Jeddah, Saudi Arabia, on May 19.
It was noted at the event that global oil prices showed growth on May 20, the main impetus for which were signals from the cartel about possible continuation of the oil production cut until the end of the year and the situation around Iran.
A report on oil production in April was presented by the joint technical commission of the OPEC Monitoring Committee within the framework of meeting and development trends of the global economy and the oil market were discussed and participantsanalyzed the level of fulfillment of commitments in the format of the OPEC+ agreement.
During the meeting, it was noted that the high level of fulfillment of commitments had a positive impact on the oil market and particularly on oil prices.
The JMMC expressed its satisfaction regarding the critical role which the ‘Declaration of Cooperation' (DoC) played in the oil market recovery seen in the first quarter of 2019 compared to the fourth quarter of 2018, supported by high conformity to the voluntary production adjustments by participating countries.
Conformity for the month of April 2019 was 168 percent, and this record high figure has also had positive ramifications for global economic growth in the first four months of 2019. Average conformity has reached 120 percent since January 2019.
Then, The Committee noted that an agile and flexible approach has been critical to the success of the Declaration of Cooperation' (DoC) to date and will be key going forward.
As part of his visit toJeddah, Shahbazov held a number of meetings with colleagues from other countries.
During the meeting with Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Abdulaziz al-Falih, the current situation in the global oil market, the level of fulfillment of oil production reduction commitments, short-term and long-term expectations, as well as bilateral energy cooperation were discussed.
He also held a meeting with OPEC Secretary General Mohammed Barkindo. As the OPEC Secretary General noted, it is important to continue implementing measures within the OPEC+ format to maintain market stability. In his turn, Shahbazov said that the overall level of fulfillment of commitments on OPEC+ countries is the result of successful cooperation.
Shahbazov also held meetings with UAE Energy Minister Suhail Mohammed Faraj Al Mazroui and Venezuelan Oil Minister Manuel Quevedo.
The next15th JMMC Meeting is scheduled to take place in June 2019 at the OPEC Secretariat in Vienna, Austria.
Mirsaid Ibrahimzade is AzerNews' staff journalist, follow him on Twitter:@MirsaidIbrahim1
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