OPEC's secretary general, Mohammad Dekindo, said on Monday that he expects that global agreement to reduce oil production will help restore stability in the global commodity markets throughout the year.
"We are beginning to see that stability is gradual, but it continues to return to the market," said Trikindo, in an interview with Real TV, during a visit to the capital of Azerbaijan, adding that the oil-producing countries participating in the Agreement are Currently focused on extending the agreement for December 2018.
The Organization of the oil exporting countries and other major oil producers led by Russia agreed last November to expand the agreement to reduce their combined oil production by almost 1.8 million of daily barrels (bpd) to the End of 2018.
"At the moment, we are focused on achieving our goals and Inshallah, throughout the year, we will be able to restore stability to the market," said Mr. Conkindo to Real TV. The next meeting of OPEC and allied oil ministers, including Azerbaijan, is scheduled for June, where ministers can adjust the agreement on the basis of market conditions. Azerbaijan's oil production was 806,000 bpd in February, compared to 814.6 bpd in January. Source: Extra Newspaper