Azerbaijan says OPEC+ may extend oil output cuts at December meeting

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OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Dec. 1, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries.

OPEC+, which pumps around half the world's oil, will discuss extending production cuts at the forthcoming meeting, Shahbazov said, but he expressed skepticism about the prospects for the talks.

He pointed out that Azerbaijan, an OPEC+ member, seeks to stabilize its oil production until 2030, after it fell from its peak in 2010. His country's oil production in 2024 and 2025 is bound yo reach about 29 million tons annually, or 580,000 barrels per day.

Azerbaijan's gas exports to Europe are poised to average 12.5 billion cubic meters per annum this year and next. The minister said he expects gas production to reach 50 billion cubic meters this year, of which 25 billion cubic meters will be exported, with production seen to rise in 2025.