OPEC+'s Next Move: Stability or Shift in Oil Output Strategy?

OPEC+ may maintain current oil output cuts due to weak demand, as discussed in an upcoming meeting. Azerbaijan's oil production faces a declining trend, with stable output expected till 2030. Azerbaijan's future gas outputs are projected to increase, while its green energy share aims for significant growth by 2027.

OPEC+ might choose to keep its existing oil production cuts unchanged, Azerbaijan's Energy Minister Parviz Shahbazov informed Reuters. This decision may be influenced by ongoing weak demand concerns, as the group is set to convene on Sunday.

As part of the OPEC+ coalition, Azerbaijan has already seen the postponement of planned production hikes earlier in the year. This action was prompted by slipping oil prices and the increased output from other producers.

Despite Azerbaijan's declining oil production, the nation plans to maintain stable levels in the near future. Moreover, gas exports to Europe are expected to remain steady, and the share of green energy generation is forecasted to significantly increase by 2027.

(With inputs from agencies.)