Shahbazov made the remarks at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku. He said, “The adoption of a new decision to reduce oil production in June greatly depends on a number of geopolitical factors and, to a certain extent, on the decrease in commercial oil reserves.”
"From the very beginning of the conclusion of the deal within OPEC+, Azerbaijan was its active participant," the Minister said, adding that the country's revenues from profitable oil and gas reached $9.8 billion in 2018.
An agreement to reduce daily oil production by 1.2 million barrels was reached at the 5th OPEC and non-OPEC ministerial meeting in Vienna on December 7, 2018. As part of the agreement, Azerbaijan has reduced daily oil production by 20,000 barrels since January 1, 2019 .
The 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals kicked off in Baku on April 22, 2019. Over 300 participants, including representatives of the biggest oil and gas companies, refineries, trading companies, ports, terminals, banks and analytical agencies attend the event annually.
The participants of the 4th SOCAR Forum discuss regional gas projects; potential imbalances in the global hydrocarbon market in 2019; new oil and gas fields in the region and their impact on trade flows and export routes; Caspian and Central Asian oil in a global context; and key export markets for the region’s refineries and trade flows. Among other issues, trends in the global markets for petrochemical products including price trends, trade flows and technology development, and current state and prospects of Transcaucasian railway routes to the ports of Georgia will be also reviewed.
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