Azerbaijan Joins OPEC+ Agreement Until 2025
Date
6/2/2024 10:09:10 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 2. Azerbaijani EnergyMinister Parviz Shahbazov took part in the 37th meeting ofministers of the Organization of petroleum Exporting Countries(OPEC), which was held online, Trend reports.
Azerbaijan supported the decision taken at the meeting to extendthe validity of the existing“Declaration of Cooperation” fromJanuary 1, 2025 to December 31, 2025.
The new decision provides for maintaining the current level ofcrude oil production in OPEC+ countries next year and extendinguntil November 2025 the deadline for assessment of the productioncapacity of the alliance countries by three independent sources on these data, quotas for 2026 will be determined. Accordingto the new decision, next year the daily quota for crude oilproduction in Azerbaijan in the amount of 551 thousand barrels willremain unchanged.
The next OPEC+ meeting is scheduled for December 1.
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