OPEC may discuss easing policy on reducing oil production

The easing of the policy of reduction of oil production may be discussed at the 9th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC), the Minister of Energy of Azerbaijan Parviz Shahbazov said June 20.

"We must take into account that the situation in this area has changed. World oil reserves are declining, we must take this into account. With this in mind, we can assume that, the consultations on the easing of production reduction policy will be held at the meeting," Shahbazov said.

Recently, a very fruitful cooperation has developed in the framework of the OPEC+ format, he added.

"As a result of this cooperation, oil prices have stabilized at the international level. The results are evident. We will participate directly in the negotiations. The results achieved during the meeting, will be thoroughly analyzed," Shahbazov said.

Parviz Shahbazov will be in Vienna on June 21-23 at the invitation of OPEC Secretary-General Mohammed Barkindo, where he will participate in the 7th international OPEC conference on "Oil-cooperation for a sustainable future".

Shahbazov is expected to participate in the 9th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC).

In December 2016, eleven non-OPEC countries (including Azerbaijan) at the meeting of oil producers in Vienna agreed to reduce production by a total of 558,000 barrels per day. The agreement was concluded for the first half of 2017 and was extended at the meeting on May 25, 2017 until the end of 1Q2018. At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan has joined this decision

20.06.2018 17:00 / Hits: 66 / Print
 
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