At the 40th meeting of OPEC plus, a mechanism for assessing the maximum sustainable production capacity was adopted

At the 40th meeting of OPEC plus, a mechanism for assessing the maximum sustainable production capacity was adopted At the 40th meeting of OPEC plus, a mechanism for assessing the maximum sustainable production capacity was adopted https://innews.az/en/news/id-55238

Energy Minister Parviz Shahbazov attended the 40th online Ministerial Meeting of OPEC and non-OPEC countries.

At the meeting, Azerbaijan also expressed its support for the decision to maintain daily crude oil production at a stable level until the end of 2026 and to adopt a 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 compensation obligations. The mechanism for assessing the Maximum Sustainable Capacity (MSC), developed by the Opec Secretariat and which will be used as a benchmark in determining the base levels of oil production for 2027 in the countries of the Declaration of Cooperation, has been approved. The Opec Secretariat was also instructed to develop a plan to achieve the objectives of the Charter of Cooperation, signed on 2 July 2019 and present this plan at the next Ministerial Meeting.

It was agreed that the 41st Ministerial Meeting of OPEC and non-OPEC countries will be held on 7 June next year.