ST PETERSBURG (Reuters) - Azerbaijan’s Energy Minister, Parviz Shakhbazov, said he supported the rollover of the current global agreement on oil production cuts which expires at the end of June.
The Organization of the Petroleum Exporting Countries and other leading oil producers had agreed to cut their combined oil output by 1.2 million barrels per day between Jan. 1, 2019 and the end of June in order to evenly balance the oil market.
They will convene in Vienna on July 1-2 in order to work out their joint policy for the second half of the year.
“I think that this format, those decisions and those agreements on production which were reached at the end of last year for the first half (year) should be continued,” Shakhbazov told reporters in comments cleared for publication on Monday.
He also said he was not aware of any country which would be against the continuation of the deal. Azerbaijan is one of the non-OPEC producers which joined the agreement that expires at the end of this month.
Reporting by Vladimir Soldatkin; Editing by Christian Lowe