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Azerbaijan, OPEC discuss future cooperation

Azerbaijani Foreign Minister Jeyhun Bayramov and Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo have discussed prospects of cooperation in Vienna, Austria, the ministry reported on January 20.

Speaking about the organization’s successful cooperation with Azerbaijan in the OPEC Plus format, Bayramov stated that Azerbaijan is interested in continuing its partnership in this format.

He went on to say that, under the leadership of Secretary-General Mohamed Barkindo, successful steps in the OPEC Plus format had been taken, which had stabilized world oil prices.

In turn, Barkindo expressed satisfaction with OPEC-Azerbaijan cooperation, recalling that Azerbaijani President Ilham Aliyev was the first leader at the World Economic Forum to call on all OPEC and non-OPEC countries to work together to stabilize the global oil market in 2016.

He emphasized that this initiative sparked widespread debate in both OPEC and non-OPEC countries and that the OPEC Plus format was quickly established in December 2016 with the support of Azerbaijan’s president.

According to the secretary-general, joint activities in the OPEC Plus format have significantly contributed to the stabilization of global oil prices.

In addition, the parties discussed other issues of mutual interest.

Since April 2020, OPEC and non-OPEC countries have agreed to reduce the volume of daily oil production.

Azerbaijan supported the decision to increase daily crude oil output by 400,000 barrels per month from August to December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production beginning in May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

The Declaration of Cooperation envisions increasing Azerbaijan’s daily crude oil production volume every month from August to the end of the year while reducing the obligations related to cuts.

Furthermore, from May 2022 to the end of the year, Azerbaijan’s oil production obligations will be calculated on a monthly basis.
Source: Azernews

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