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Azerbaijan Accepts OPEC’s Oil Cut Offer

By Mushvig Mehdiyev December 10, 2016

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OPEC flag / BLOOMBERG NEWS

Azerbaijan, an oil-rich non-OPEC country, welcomed the offer from the Organization of the Petroleum Exporting Countries (OPEC) regarding a reduction in oil export of the non-OPEC countries. Energy Ministry of Azerbaijan announced that the country agreed to decrease the amount of daily oil output to an extent supported by Russia and other non-OPEC countries. 

"Azerbaijan is planning to determine the production volume considering the reduction percentage which is similar to that of Russia and other non-OPEC producers," said Zamina Aliyeva said, Spokesperson to Ministry.

Last week, OPEC, the world’s largest organization dealing with oil and gas production, have come up with a long-anticipated move to take down oil production against the backdrop of oil’s regular apprehensive fall in prices. Many oil and gas producing nations, including those who are non-OPEC, hailed this decision as a vital intervene to tackle further decline of oils prices after a two-year survival.

OPEC revealed that it was seeking for a 600.000 barrel per day oil cut by non-OPEC countries since January, 2017. Russia supported 300.000 barrel per day decrease “in light of a new OPEC agreement on oil production ceiling,” according to Energy Minister, Alexander Novak. 

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