Azerbaijan Joins OPEC Plus Production Quota Agreement For 2025
Date
6/3/2024 12:16:39 AM
(MENAFN- AzerNews) energy Minister Parviz Shahbazov participated in the 37th onlinemeeting of ministers from both member and non-member countries ofthe Organization of the petroleum Exporting Countries (OPEC), Azernews reports.
Azerbaijan supported the decision adopted at the meetingregarding the extension of the current "Cooperation Declaration"from January 1 to December 31, 2025. The new decision aims tomaintain the current level of crude oil production in OPEC Pluscountries next year, extend the evaluation of production indicatorsby three independent sources until the end of November 2025, anddetermine a new base level for 2026 based on these results. Inaccordance with the new decision, Azerbaijan's daily crude oilproduction quota of 551 thousand barrels remains unchanged for nextyear.
The next meeting of ministers from member and non-membercountries of OPEC is scheduled for December 1.
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