Azerbaijan joins process of regulating oil market until 2022

Baku, April 15 - Neftegaz.RU. Azerbaijan will continue to contribute to the process of balancing the oil market by fulfilling its obligations to the OPEC + agreement from May, the Spokesperson of the Azerbaijani Energy Ministry Zamina Aliyeva told local media.

She said that OPEC + agreement, supported by countries outside this format of cooperation, will allow removing 20 million barrels of oil per day from the market.

“Following a videoconference on April 12, OPEC + countries agreed to reduce oil production by 9.7 million barrels per day. In addition, major oil producers such as the U.S., Canada, Indonesia, Norway and Brazil, having shown solidarity with OPEC + countries, voluntarily plan to reduce oil by 4-5 million barrels per day,” she said.

In addition, Aliyeva mentioned that considering that crude oil production in Iran, Venezuela and Libya will fall by 2.8 million barrels per day, the world oil market will receive a total of 20 million barrels less oil per day from May 1 as part of an initiative launched with OPEC + and supported by other countries.

Azerbaijani Minister Shahbazov said: “It is a fact that we can deal with the existing global problem not separately, but within global cooperation. In a short period of time from March to the present, we once again made sure that sustainable stability in the oil market is impossible beyond the limits of common responsibility, the regulatory process at the global level. The current situation and the uncertainty of the global economy, as well as of the restoration of global oil demand, necessitate further support for the oil market. It is very important to involve countries that are not members of OPEC+ in this process.”

The minister also added that each oil country should demonstrate solidarity in order to stabilize the oil market. Azerbaijan, which plays an active role in the regulatory process within the OPEC +format, has supported the global oil market by taking on new obligations.