Azerbaijan proposes to increase the number of countries in OPEC+

Azerbaijani Energy Minister Parviz Shahbazov has proposed expanding the number of countries participating in OPEC+ to reduce oil production. It is reported by Angi.

“Stability in the oil market meets the interests of all its participants. In this regard, I consider it important to further expand the OPEC+ format by involving countries and other producers,” the Minister said.

He added that Azerbaijan intends to continue to fulfill its obligations under the OPEC+ deal.

“Azerbaijan confirms its commitment and will continue to play an active role in ensuring stability in the oil market,” Shahbazov said.

The Minister of Energy believes that restoring the pre-crisis level of oil demand may take at least two years.

“Unfortunately, one cannot confidently expect that given the current uncertainty, demand will fully recover in the near future. According to some estimates, it will take at least 2 years to stabilize the oil market. ”

Tags: contracts, oil, hydrocarbon production, USA, energy market, добыча нефти, коронавирус, RF, foreign affairs, ОПЕК+, OPEC, agreement, oil products, well, field, infrastructure, quarantine, Brent, WTI, pandemia, COVID-19, decline in production, oil companies, oil reserves, crisis, economy, market

Read also

Belarus expects delivery of another batch of Azerbaijani oil
Iraq violated its oil production obligations in July
Eni got a net loss of €7.34 billion in the first half of the year