BAKU (Sputnik) — On Saturday, OPEC and non-OPEC countries struck a historic deal for the latter to reduce oil output by around 600,000 barrels per day in the wake of the cartel’s November's agreement to cut production by 1.2 million barrels per day. The summary cut amounts to some 1.8 million barrels per day in the first half of 2017.
"Average daily oil production in Azerbaijan in accordance with Vienna agreements in 2017 will equal 800,000-807,000 barrels, with the 2016 level being 842,000 barrels daily. The forecasts, as well as the budget proposal for 2017 took into account expected oil production cuts in accordance with OPEC decision," the statement explained as cited by the Trend news agency.
Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Since then, prices have slightly increased and currently stand at $45-50 per barrel.
