Azerbaijan's quota for oil output under OPEC+ deal confirmed at 551,000 bpd for 2024

BAKU. Dec 1 (Interfax) - Azerbaijan's oil production quota under the OPEC+ deal will remain at 551,000 barrels per day for 2024, the country's Energy Ministry reported.

The ministry also said that OPEC+ held its 36th ministerial meeting on Thursday, at which a decision was made for Brazil to join the alliance in January 2024. In addition, new quotas were set for Angola, Congo and Nigeria.

As a "result of solidarity and rational regulation," the situation on the global oil market has been satisfactory in 2023, Energy Minister Parviz Shahbazov was quoted as saying in the press release.

He also said that officials at the meeting stressed the importance of OPEC and non-OPEC countries working in consensus and making decisions aimed at maintaining stability on the oil market.

The next OPEC+ meeting will be held on June 1, 2024, the ministry said.