Today.Az » Business » OPEC urges producers to maintain stability of market in 2019
15 March 2019 [11:08] - Today.Az
By Mirsaid Ibrahimzade
OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year, as supplies from their rivals increase faster than world demand.
Baku will host the 27th meeting of the joint OPEC Monitoring Committee technical committee on March 17. The 13th Ministerial Meeting of OPEC and non-OPEC member countries will be on March 18. The aim is to review output curbs they’ve been implementing to avert a supply glut and defend oil prices. Their agreement is due to expire at the middle of the year. In its monthly report, OPEC’s Vienna-based secretariat encouraged them to continue the strategy.
“While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year,” it said. “This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil-market stability in 2019.”
After the review meeting on March 17 and 18, ministers from OPEC+ alliance will meet in Vienna next month, and again in June, to decide on output policy for the second half of the year. The coalition embraces 24 nations, including OPEC members as well as other producers such as Russia and Kazakhstan.
According to Bloomberg, in its monthly report, the Organization of Petroleum Exporting Countries cut forecasts for world oil demand and boosted projections for non-OPEC supply, particularly in the second half of the year. As a consequence, it indicated the risk of a renewed surplus emerging in the fourth quarter, even as the group’s output declines as a result of planned and involuntary cutbacks.
Speaking about Azerbaijan oil production indicators Azerbaijan exported 5.78 million tons of oil in January-February 2019, which is 58 percent more than in two months of last year, Trend reports with reference to the State Customs Committee of the country on Friday.
According to the report, in total terms, exports amounted to $ 2.6 billion (an increase of 42.5 percent over the year).
Also during the reporting period, Azerbaijan exported almost 92.57 thousand tons of oil products in the amount of $ 48.5 million. Over the year, these figures decreased by 2.3 times and 2.2 times, respectively. The share of petroleum products in the country's exports is 1.54 percent.
In just two months, the volume of exports from Azerbaijan in total terms amounted to $ 3.15 billion, which is more than 42 percent more than the same period last year.