At the 5th meeting on Friday in Vienna, OPEC and non-OPEC countries will take 1.2 million barrels per day off the market from January 2019. The OPEC members has agreed to reduce its output by 800,000 bpd, while non-OPEC countries will contribute a 400,000 bpd reduction.

Axar.az informs citing Energy Ministry, Azerbaijan also joined the deal.

‘’Azerbaijan, of which daily output was 783,000 barrels per day in October, undertook commitment to reduce the output by 20,000 barrels per day. So Azerbaijan’s daily output should be 763,000 barrels per day from next year’’, the ministry said.

Commenting on the new decision, the Minister Parviz Shahbazov highly appreciated OPEC’s decision: ‘Oil price was falling due to political and economic factors. The oil market would only be supported by OPEC. Today’s decision was an important step for oil producers, development of oil market and oil industry’.

OPEC countries will cut the output for six months.