Azerbaijan To Announce Oil Output Cut Proposals At Vienna Meeting

Reuters

BAKU, Dec 8 (Reuters) - Azerbaijan plans to announce "concrete proposals" for oil output cuts at a meeting of OPEC and non-OPEC countries in Vienna on Dec. 10, an energy ministry official told Reuters on Thursday.

Azerbaijan is the third-largest producer among ex-Soviet countries after Russia.

Following an agreement with the Organisation of Petroleum Exporting Countries, Russia has committed to cutting 300,000 barrels of oil per a day (bpd) during the first half of next year. Other non-OPEC nations are expected to match Moscow's total production cut.

"Azerbaijan plans to determine its oil production quota in line with the percentage of (oil output) cut envisaged by Russia and other non-OPEC countries," the official said.

OPEC agreed on Nov. 30 to its first production cut since 2008, whereby it will reduce output by around 1.2 million bpd to 32.5 million bpd from January for six months.

(Reporting by Nailia Bagirova; writing by Denis Pinchuk; editing by Jack Stubbs)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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