At the 30th meeting of the Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries, Azerbaijan supported the decision to increase daily crude oil production by 648,000 barrels in August.

The Ministry of Energy told APA-Economics that in accordance with the quotas set for August, daily crude oil production in Azerbaijan will be increased by 11,000 barrels to 717,000 barrels, and the reduction commitment will be completed.

These are the final reductions in daily crude oil production for OPEC + countries in the framework of the phased implementation of the historic agreement adopted in April 2020 to restore the balance of supply and demand in the face of a downturn in the oil market.

Thus, the participants of the "Declaration of Cooperation", including Azerbaijan, for a period of more than two years, effective from May 2020, a total of 9.7 million barrels of daily crude oil production in the first phase.

barrels, in the second stage 7.7 mln.

barrels and 5.8 mln.

The large-scale commitment, which includes a reduction close to a barrel, expires at the end of August this year.

During this period, OPEC + has gradually implemented production constraints by regularly adjusting its production limits.

The new decision stipulates that the countries participating in the "Declaration of Cooperation" will produce 43,854,000 barrels of crude oil per day in August.

This will allow production to resume at the level of October 2018, when the cuts were made.

It should be noted that 5.8 mln.

The decision to complete the reductions in barrels in September 2022 and to extend the "Declaration of Cooperation" until the end of this year was made at the 19th meeting in July last year.