Azerbaijani Energy Minister Calls For Prolonging Cooperation Between OPEC-Non-OPEC States

Azerbaijani Energy Minister Calls for Prolonging Cooperation Between OPEC-Non-OPEC States

Azerbaijani Energy Minister Parviz Shahbazov called on Saturday for prolongation of cooperation between the OPEC and non-OPEC states on the oil output cut deal

JEDDAH (UrduPoint News / Sputnik - 18th May, 2019) Azerbaijani Energy Minister Parviz Shahbazov called on Saturday for prolongation of cooperation between the OPEC and non-OPEC states on the oil output cut deal.

In December, the signatories to the oil output cut deal, which has been in force since 2017, agreed to reduce overall production by 1.

2 million barrels per day for six months starting from 2019.

"I believe, yes ... The cooperation must take place. Within two years it proved to be effective. I think that the cooperation must be prolonged," Shahbazov told reporters, answering the question, whether the oil output cut deal should be prolonged after June.

The minister also characterized the current state of the global oil market as "balanced."