17/04/2018
Mohamed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said that he hoped the global agreement to reduce oil production would help in restoring stability to crude markets this year.
According to Reuters, he commented to Azerbaijani Real TV channel yesterday by saying, "We are beginning to see that gradual stability, but the rest is on the market."
Barkindo said during a visit to the Azerbaijani capital of Baku that the producing countries participating in the agreement are currently focusing on extending the agreement.
OPEC and other major oil producers led by Russia agreed in November to extend the cut production agreement to about 1.8 million barrels per day by the end of 2018.
"At present, we are focusing on achieving our goals and during the year we will be able to restore stability to the market," Barkindo told Reel.
The next meeting of OPEC oil ministers and non-OPEC producers, including Azerbaijan, is scheduled for June 2018. Ministers at the meeting may decide to amend the agreement based on the market's conditions.
Barkindo confirmed that he would meet Azerbaijani Energy Minister Parviz Shahbazov to complete their dialogue on the role of Azerbaijan.
"The future of Azerbaijan and its strategic interest lies in OPEC," Barkindo said.
Azerbaijan's crude production reached 806,000 bpd in February compared with 814.6 thousand bpd in January 2018.
