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Azerbaijan among over-conforming non-OPEC countries

23 September 2017 [13:36] - TODAY.AZ

By  Trend

Azerbaijan is among over-conforming non-OPEC countries, according to OPEC Secretary General Mohammad Sanusi Barkindo.

“Our conformity levels have continued to significantly improve and reached an unprecedented level of 116 percent in August. We therefore acknowledge with deep appreciation the exemplary conduct and leadership of over-conforming OPEC countries, Saudi Arabia, Angola and Equatorial Guinea, as well as over-conforming non-OPEC participating countries, Azerbaijan, Brunei and Sudan, in continuously restraining themselves and sacrificing in the interest of all,” Barkindo said during the 5th meeting of the Joint Ministerial Monitoring Committee (JMMC), Sept. 22 in Vienna, Austria.

In this regard, he urged participating countries to achieve 100 percent conformity without further delay.

“Had every participating country conformed fully since the beginning of the Declaration of Cooperation, the market would have already rebalanced,” said OPEC secretary general.

There should be no doubt that the production adjustments that were extended in May 2017 will remain vital to the market rebalancing process in the coming months, he added.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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