A new video conference with the participation of OPEC+ countries will be held on April 12. This was announced on Sunday by the head of the press service of the Ministry of energy of Azerbaijan, Zamina Aliyeva.
“The meeting will be held in the format of consultations on issues arising from the ninth meeting of OPEC and non-OPEC Ministers. Azerbaijan’s energy Minister Parviz Shahbazov will take part in the discussions,” Interfax — Azerbaijan quotes her as saying.
On April 9, the OPEC+ countries confirmed their intention to reduce oil production in may–June by 10 million barrels per day, but only if Mexico participated, which left the meeting. Later, Mexican President Andres Manuel Lopez Obrador said that the country will reduce oil production by 100,000 barrels per day.
By the end of the year, OPEC+ countries will reduce their oil production by 8 million barrels per day and then by April 30, 2022 — 6 million barrels per day.
On March 6, the OPEC+ member countries did not agree on the issue of reducing oil production. As a result, the deal fell apart. Later, the media reported that Saudi Arabia plans to increase production to 10-12 million barrels per day and reduce the price of its oil. A few days later, the oil markets collapsed by 30%, the ruble exchange rate visibly decreased against the bi-currency basket, and Russian companies ‘ shares began to lose ground.