Azerbaijan, Russia recognize effectiveness of OPEC + agreement to balance oil market

  19 February 2018    Read: 2063
Azerbaijan, Russia recognize effectiveness of OPEC + agreement to balance oil market
Azerbaijani and Russian Energy Ministers Parviz Shahbazov and Alexander Novak have recognized effectiveness of an agreement on the reduction of oil production between OPEC and the non-OPEC countries, the Azerbaijani Energy Ministry said in a message Feb. 19.

During the meeting in Moscow, the ministers discussed the results of cooperation within OPEC + format.

"The OPEC + agreement was effective in establishing a balance of supply and demand currently observed in the world oil market and price stabilization,” the message said. “The sides recognized the need to continue the process of reducing oil production to maintain stability and the fact that close cooperation between OPEC and the countries involved in the OPEC + agreement also contributes to the stability of prices in the oil market.”

In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day. In December 2016 was a meeting of oil producers outside the OPEC. The meeting ended with signing an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.

OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.


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