Azerbaijan preparing proposals for oil output cut talks with OPEC

  08 December 2016    Read: 1282
Azerbaijan preparing proposals for oil output cut talks with OPEC
Azerbaijan will prepare “concrete proposals” for oil output cut talks to be held on Dec. 10 in Vienna, Reuters reported Dec. 8 citing the country’s Energy Ministry.
Azerbaijan, the third-largest producers among ex-Soviet countries after Russia, plans to attend the talks in Vienna, according to the report.

OPEC agreed on Nov. 30 to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.

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