Today.Az » Business » Azerbaijan's energy minister to attend Ministerial Meeting of OPEC plus in Vienna
05 October 2022 [10:52] - Today.Az

By Azernews

By Ayya Lmahamad

Azerbaijan's Energy Minister Parviz Shahbazov will attend the 33rd Ministerial Meeting of OPEC plus countries to be held in Vienna, Austria on October 5, Azernews reports.

The event will be held offline for the first time since March 2020 due to the COVID-19 pandemic.

To note, Azerbaijan is a party to the OPEC plus deal.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil output volumes.

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

From May 2022 till the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing level. In other words, the 718,000-barrel daily crude oil production set in October 2018 for Azerbaijan will remain the base level for determining the output level next year.

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