Azerbaijan’s oil production quota unchanged in OPEC+ deal until 2026

Azerbaijan’s Energy Minister, Parviz Shahbazov, has participated in OPEC+ talks where member countries agreed to maintain oil production at a daily rate of 39.7 million barrels until the end of 2026.

According to a statement posted by Shahbazov on X, Azerbaijan’s oil production quota will remain unchanged throughout this period, Caliber.Az reports.

Additionally, eight countries will continue their voluntary production cuts of 1.65 million barrels per day, which were announced in April 2023, until December 2026.

The additional voluntary cuts of 2.2 million barrels per day, which were introduced in November 2023, will remain in place until the end of March 2025.

These 2.2 million barrels per day reductions will be gradually phased out by the end of September 2026.

Shahbazov highlighted the importance of these agreements in ensuring the stability of the global oil market and supporting the sustainable development of the oil industry.

By Aghakazim Guliyev