Azerbaijan fulfilling commitments under OPEC+ deal


BAKU, MAY 21 (DNA) – The level of fulfillment of Azerbaijan’s commitments to reduce oil production under the OPEC+ agreement in January-April 2019 was 130 percent, Azerbaijani Energy Minister Parviz Shahbazov said.He was speaking at OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah.Global oil prices showed growth on May 20, the main impetus for which were signals from the cartel about possible continuation of the oil production cut until the end of the year and the situation around Iran.

As part of the meeting, a report on oil production in April was presented by the joint technical commission of the OPEC Monitoring Committee.

The participants discussed development trends of the global economy and the oil market and analyzed the level of fulfillment of commitments in the format of the OPEC+ agreement.

It was noted that the high level of fulfillment of commitments under the agreement had a positive effect on the oil market, especially on oil prices.

The report reads that the commitments of OPEC+ countries in April were fulfilled by 168 percent, and the average level of commitments from January to May was 120 percent.

“These indicators are considered as factors that have a positive impact on global economic development compared to the fourth quarter of 2018,” the report said.=DNA