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Baku ready to back OPEC+ decisions for further oil market stabilization

October 20, 13:39 UTC+3 BAKU

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production

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BAKU, October 20. /TASS/. Azerbaijan will endorse decisions aimed at further stabilization on the global oil market, the country’s Energy Minister Parviz Shahbazov said Friday.

"The situation on the oil market has stabilized recently and a certain balance has been reached, which demonstrates that the decision taken by oil-producing nations (on crude output reduction) was reasonable. If a new coordinated decision is made aimed at further stabilization of the oil market, Azerbaijan is ready to back it up," he said.

According to the Minister, the country is also ready to attend the ministerial meeting between OPEC and non-OPEC nations in November 2017, if "a respective invitation is received."

In late 2016, OPEC member-states and 11 independent oil-exporting countries (Azerbaijan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, the Republic of Sudan and South Sudan) entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. Azerbaijan complied with assumed obligations to cut production by 35,000 barrels per day in January-September period of 2017.

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