Azerbaijani Energy Minister Parviz Shahbazov participated in the 40th meeting of ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries held online.

Axar.az reports according to the press service of the Ministry of Energy, Azerbaijan also expressed its support for the decision adopted at the meeting on maintaining daily crude oil production stable until the end of 2026 and the mechanism for assessing maximum sustainable production capacity.

During the meeting, discussions were held on the situation in the global oil market, production levels, and the implementation of compensations. The mechanism for assessing Maximum Sustainable Production Capacity (MSC), developed by the OPEC Secretariat and used as a reference indicator in determining the base levels of oil production in the Declaration of Cooperation countries for 2027, was approved. The OPEC Secretariat was also instructed to prepare a plan to achieve the goals of the Charter of Cooperation signed on July 2, 2019, and to present this plan at the next ministerial meeting.

The 41st meeting of ministers from member and non-member countries of the Organization of the Petroleum Exporting Countries (OPEC) has been agreed to be held on June 7 next year.