Azerbaijan remains committed to its obligations under a global deal among OPEC and some non-OPEC nations regarding a cut in oil production. This was announced by Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR.
“We are still committed to our obligations. Our oil production has decreased slightly, but revenues from oil sales have increased, thanks to a rise in the price of the oil,” he said. “Azerbaijan's key goal is to avoid selling oil cheaply. So, even though oil output in Azerbaijan has been slightly reduced, revenues have grown, which shows that we are on the right track.” he added.