BAKU, March 15 (Xinhua) -- Azerbaijani Energy Minister Parviz Shahbazov said on Thursday Baku would support the extension of the global oil output cut deal, official media reports.
Speaking at the briefing after the Energy Efficiency Conference in Baku on Thursday, Shahbazov said that OPEC and non-OPEC producers agree that it is necessary to continue cooperation under the deal.
"Cooperation of the oil producing countries within OPEC+ has led to successful regulation of oil prices in the global market. On this basis, the OPEC member countries, as well as the countries that joined the deal, agree on the need to continue cooperation under this agreement," the minister said.
"I hope the parties of the agreement will adopt solutions acceptable for everyone," he said, adding that the next ministerial meeting of the OPEC+ will take place in June.
The minister stressed that the OPEC deal doesn't envisage further reduction in oil production, but maintains the production at the existing levels.
Non-OPEC countries agreed to cut oil production by 558,000 barrels per day (b/d) during a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna in December 2016. OPEC members also confirmed their commitment to the plan to reduce the oil supply by 1.2 million b/d. The agreement was extended until the first half year of 2018 in May, 2017.
In November 30, 2017, the deal was extended by late 2018. Azerbaijan has joined the new agreement with OPEC and non-OPEC countries.
Azerbaijan was ranked 20th with 7 billion barrels of oil reserves among the world countries rich with proven oil reserves, according to the Global Firepower (GFP) review for 2017.