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Russian energy minister to visit Azerbaijan

12 March 2019 [11:16] - TODAY.AZ

By  Trend


Russian Energy Minister Alexander Novak will visit Azerbaijan on March 17-18, a diplomatic source told Trend.

Novak will take part in the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) that will be held in Baku March 18, said the source.

The source noted that the visit program is still to be determined.

It should be noted that Baku will also host the Joint Technical Committee meeting on March 17.

OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.

The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.

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