Cabinet of Ministers entrusts SOCAR to implement measures under OPEC+ agreement

The State Oil Company of the Azerbaijan Republic SOCAR has been charged with implementation of the measures to temporarily reduce the oil production in Azerbaijan within the OPEC + agreement, Olaylar reports referring to SOCAR.

Some 23 countries participating in the OPEC + format discussed the conditions of the economic downturn caused by the COVID-19 pandemic in the world markets on April 9, 2020 and agreed to reduce oil production by 9.7 million barrels per day from May 1, 2020.

Azerbaijan, as a member of OPEC +, together with other countries, has undertaken the obligations to voluntarily reduce the oil production.

During the discussions of the new terms of the agreement, the Ministry of Energy, authorized to represent Azerbaijan, clarified the terms of the agreement and the assumed commitments.

The Ministry of Energy proposed to proportionally distribute the quotas on the temporary reduction in oil production among oil producing companies in the country and the Azerbaijani Cabinet of Ministers entrusted SOCAR with the implementation of the proposal.