Baku / 02.07.19 / Turan: On July 1, at the 15th meeting of the Joint Monitoring Committee of Ministers OPEC Plus in Vienna, Energy Minister of Azerbaijan Perviz Shahbazov supported the proposal to extend the deadline for reducing oil production.
At the event, it was proposed to extend the term of the Declaration of Cooperation for a further 9 months to reduce oil production without changing the existing quotas. This proposal will be discussed at the 176th meeting of the OPEC Council of Ministers. A decision is expected tomorrow.
In his speech, Shahbazov noted that as a result of the reduction of production, a sharp fall in oil prices was prevented. However, starting from the end of May, we again observe the tendency of the price to fall. Despite forecasts of growth in global oil demand this year, as compared with last year by 1 million 140 thousand barrels, there is an excess of oil reserves in the market.
In the countries of the Organization for Economic Co-operation and Development (OECD), oil reserves continue to grow. Global oil demand in the coming years will exceed supply, so there is a need to extend the agreement on limiting oil production, the Minister said.
Recall that in February 2016, OPEC reduced oil production to 280 thousand barrels per day. Earlier, Russia, Saudi Arabia, Nigeria, Qatar and Venezuela decided to freeze oil production, respectively, on 11 January. -0-
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