Azerbaijani energy minister to attend OPEC+ ministerial in Vienna

Azerbaijani Energy Minister Parviz Shahbazov has paid a visit to Austria at the invitation of the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), Haisam Al-Hays.

The minister will attend the 35th ministerial meeting of OPEC and non-OPEC countries to be held in Vienna on June 4, the Energy Ministry told Trend.

Bilateral meetings are planned as part of the meeting.

On June 4, OPEC+ ministers will meet in Vienna to discuss the alliance's further oil production plan. The last face-to-face meeting was held in October 2022, TASS reports.

At that time, OPEC+ countries agreed to cut oil output by two million barrels per day from November. At the same time, on April 2, a number of OPEC+ nations announced a voluntary output reduction from May to the end of 2023. The total volume of voluntary oil output reduction, including Russia, was estimated at 1.66 million barrels per day.

Earlier, Angola’s Mineral Resources, Petroleum and Gas Minister Diamantino Azevedo told reporters that OPEC countries had focused on administrative issues at the meeting. This was confirmed by Iranian Deputy Petroleum Minister Amir Zamaninia. According to him, the discussion of OPEC+ production parameters is on the agenda of the alliance's meeting on June 4.

A source in one of the delegations told TASS that OPEC+ nations would be considering a wide range of options on oil output at the June 4 meeting, including cuts in production. In addition, Reuters reported citing sources in the delegations that OPEC+ was discussing an additional oil output cut of around one million barrels per day among possible options.