Azerbaijan: We believe in maintaining the importance of “OPEC +” and returning in the future to reducing production

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A spokesman for the Azerbaijani state oil company “SOCAR” Ibrahim Akhmadov said that the company believes in preserving the importance of the “OPEC +” agreement, and return in the future to reduce oil production according to the needs of the market.

Baku – Sputnik. Akhmetov said, in an interview with the agency “Sputnik”, published today, Saturday: “In general, I think that the” OPEC + formula “will remain appropriate, and in the future the question of joint quotas may be raised to reduce oil production according to market demand due to lower prices. .

This came after the Russian Energy Minister, Alexander Novak, announced that the OPEC + coalition canceled restrictions imposed on oil production due to the failure of the 24 countries to reach a consensus on the current market situation.

Representatives of “OPEC” and “OPEC +” were unable to agree on the timing of extending the current reduction, and the “OPEC +” negotiations ended without agreement, because Russia did not agree to an additional reduction in production.

And global oil prices fell sharply, this evening, by more than 8 percent, and Brent crude fell to its lowest level since July 11, 2017, in light of the news about the meeting of representatives of “OPEC +” countries.

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