OPEC+ Deliberations: Production Cuts and Azerbaijan's Energy Outlook

OPEC+ might maintain existing oil output cuts due to demand concerns, as discussed by Azerbaijan's Energy Minister. Azerbaijan's oil production has declined but remains stable, and gas exports to Europe are projected to be consistent. The country's green power generation is also set to increase significantly by 2027.

Azerbaijan's Energy Minister, Parviz Shahbazov, has indicated that OPEC+ may lean towards maintaining current oil output cuts from January 1. The decision is being considered amidst ongoing demand worries and previously postponed production increases, as reported by Reuters.

OPEC+, which constitutes about half of global oil production, plans to meet on December 1 to potentially discuss extending the oil cuts. With its past attempts to ease production thwarted by weak demand and falling prices, the group might once again hold back increasing output.

Azerbaijan remains a key player, aiming to keep its oil production stable despite previous declines and is also boosting its gas exports to Europe. With green energy forming an increasing part of its portfolio, Azerbaijan projects a rise in clean energy generation to 33% by 2027.

(With inputs from agencies.)