Day: June 3, 2024

Energy Minister Parviz Shahbazov participated in the 37th online meeting of ministers from both member and non-member countries of the Organization of the Petroleum Exporting Countries (OPEC), according to Azerbaijan in Focus, reporting AzerTac.

Azerbaijan supported the decision adopted at the meeting regarding the extension of the current “Cooperation Declaration” from January 1 to December 31, 2025. The new decision aims to maintain the current level of crude oil production in OPEC Plus countries next year, extend the evaluation of production indicators by three independent sources until the end of November 2025, and determine a new base level for 2026 based on these results. In accordance with the new decision, Azerbaijan’s daily crude oil production quota of 551 thousand barrels remains unchanged for next year.

The next meeting of ministers from member and non-member countries of OPEC is scheduled for December 1.

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