Azerbaijan under negotiations for possible OPEC membership

OPEC and Oil imports

On Monday, Azerbaijan and the Organization of the Petroleum Exporting Countries are planning to further deepen ties and cooperation with the possible Azeri membership of OPEC.

Azerbaijan, including other non-OPEC countries and Russia, are participating on the oil production cuts collectively by 1.8 million barrels a day, the plan is to stabilize oil markets and push up the price of crude. Production cuts are expected to last throughout the year.

Mohammad Barkindo, the OPEC Secretary-General, has visited Baku from March 17 to 19, in an effort to conduct talks with Azeri President Ilham Aliyev and with Parviz Shahbazov, the Energy Minister.

According to one of the sources, the energy minister and Barkindo are talked about the possible future cooperation between the OPEC and Azerbaijan.

The source further stated that there are three key options. Firstly, there is the OPEC membership, then to achieve the title of associate member and lastly, to maintain cooperation the way things are currently.

Barkindo stated in a briefing on Monday in Baku that Azerbaijan and the OPEC are thinking of potential solutions to strengthen relations beyond stabilizing the oil market.

In February, Azeri oil production was at 806,000 barrels per day, in comparison with 814,600 bpd the previous month.

Barkindo was interviewed by a local television network, Real TV. In the interview, he stated that the future strategic interest of Azerbaijan lies within its cooperation with OPEC.

Azerbaijan and OPEC share the same goals, views and interests. Barkin said that the country has been fully applying decisions that Azerbaijan and OPEC are jointly taking together.

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