Azerbaijan to Reduce Oil Production by 35,000 Barrels per Day - Minister

On January 1, 2017, Azerbaijan will reduce oil production by 35 thousand barrels per day. This was stated by the Minister of Energy Natig Aliyev, whose words are quoted by the press service of the ministry after a meeting of OPEC and countries outside the cartel.

“The whole meeting was positive. Countries of OPEC and countries outside the cartel signed a declaration on cooperation. OPEC member countries reaffirmed the commitment to the preservation of daily production rate of 32.5 million barrels,” Energy Minister Natig Aliyev was reported as saying.

According to Aliyev, the countries not included in the cartel agreed to cut oil production by 558 thousand barrels per day, including Russia - by 300 thousand barrels.

“In order to monitor the implementation of the agreement a Monitoring Committee will be created, headed by Russia and Kuwait. OPEC and other countries that are not members of the organization also agreed that in order to ensure stable oil prices in the long term they will hold regular meetings. At the same time, other countries who did not attend the meeting are invited to join the agreement,” the Minister added.

* On December 10, Vienna hosted a meeting of OPEC with oil-producing countries outside OPEC. Earlier, OPEC agreed to reduce the level of its oil production to stabilize prices. Meanwhile prices of Brent crude have increased over $ 54 per barrel, 20% higher than the average price of November.   -12B--