Azerbaijan's Energy Ministry stands for extension of OPEC+ deal

Azerbaijan's Energy Ministry stands for extension of OPEC+ deal

Azerbaijan's Minister of Energy Parviz Shahbazov said it would be viable to extend the OPEC+ deal to reduce oil production under the same conditions.

"I think that this format, decisions, agreements that were reached in the first half of the year should be continued," he believes. According to the minister, this is "a minimum program". "If nothing happens, then it would be right to continue the terms that we already have," TASS cited him as saying.

Shahbazov noted that he does not see any obstacles for this, but it is necessary to wait for the upcoming meeting of OPEC+ on July 1-2, where the appropriate decision will be made.

"So far, I don’t see any difficulties. I don’t know that anyone opposed it. I think there is a consensus, but at the meeting we will learn more. We will have the opportunity to analyze previous months - how the market reacted to all the events - of an economic or geopolitical nature," he noted.

In addition, the Minister of Energy said that Azerbaijan will fulfill the terms of the deal in the first half of the year. To date, the country has reduced production in accordance with the quota - 2.5%, that is, by 20,000 barrels per day.

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