Azerbaijan will further reduce oil production in June

In June, Azerbaijan plans to compensate for the non-fulfillment of its obligations under the OPEC+ deal in May, which amounted to 2%, and further reduce production, Angi reports.

Earlier, the Ministry of Energy of Azerbaijan reported that the country fulfilled its obligations under OPEC+ deal in May by more than 98%.

“We always fulfill our obligations. In June, we will compensate about 2.5 thousand barrels for one hundred percent fulfillment of our obligations under the OPEC+ deal in May,” said Minister of Energy of the Republic Perviz Shahbazov.

The minister also called for expanding the OPEC+ alliance.

“The situation on the world oil market, the results, the importance of the role of OPEC+ shows the need for its expansion,” he said.

Recall that the OPEC+ countries agreed to extend the deal to reduce oil production by another month – until early August.

Earlier it was reported that ExxonMobil may sell its stake in the largest field in Azerbaijan.

Tags: contracts, oil, hydrocarbon production, Top management, Азия, добыча нефти, drilling, коронавирус, foreign affairs, ОПЕК+, stocks, agreement, volumes, oil products, oil deliveries, well, field, quarantine, pandemia, oil pipeline, COVID-19, энергетическая безопасность, decline in production, oil companies, oil reserves, crisis, The Ministry of Energy, economy, market, oil and gas industry

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