Azerbaijan starts oil production cut under OPEC deal

The reduction of oil production within the framework of the OPEC agreement began on May 1 Azerbaijan. This is reported on May 1 by the press service of the energy department of the country. Azerbaijan has started the process of reducing oil production within the framework of the OPEC agreement since today, the Azerbaijani Ministry of Energy said. It is also reported that the country within the framework of the OPEC deal will reduce oil production in May-June of this year by 164 thousand barrels per day from oil production in October 2018, from July to December by 131 thousand barrels, and from 2021 to April 2022 by 98 thousand barrels. In addition, it is stated that quotas to reduce oil production are proportionally divided between public and private oil production companies. It should be noted, according to the news agency, earlier it became known that world oil prices of WTI and Brent brands increased against the background of the start of the new OPEC agreement.