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Oil prices rise as OPEC+ announces output cuts after Vienna meeting

Oil prices rise as OPEC+ announces output cuts after Vienna meeting

The group of oil producing countries, OPEC+, has pledged oil output cuts amid flagging global oil prices. Following the announcement made on Sunday (4 June) after a meeting of OPEC+ in Vienna, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel in Asia trading on Monday. In accordance with the agreement struck, Saudi Arabia announced that they would cut daily barrel production from 10 million barrels per day (bpd) to 9 million bpd in July, as well as extending their volunatary cut in oil production of 500,000 bpd until December 2024. Russia's 2023 quota currently stands at around 10.5 million bpd, but in 2024 will reduce to approximately 9.3 million bpd, consisting of a reduction of 650,000 barrels per day as well as the voluntary cut of 500,000 bpd. Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel. Global oil prices spiked following Russia's full-scale invasion of Ukraine in February 2022. Since then, however, prices have fallen to pre-February 2022 levels. In an attempt to shore up global oil markets, OPEC+ have announced a couple of rounds of cuts in oil production. In October 2022, OPEC+ agreed to cut production by two million bpd, about 2% of global demand.
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Opinion: Armenia should be part of the South Caucasus-EU energy relationship

Opinion: Armenia should be part of the South Caucasus-EU energy relationship

Economic projects can help the normalisation Armenia-Azerbaijan relations, but this should also include co-operation at the regional level, says Benyamin Poghosyan in this op-ed for commonspace.eu. He adds, "Armenia has strong potential to become an exporter of renewable energy to the EU. The participation of Armenia in the Black Sea Energy submarine cable project will contribute to the country’s economic development. It will boost regional economic cooperation, which is much needed to foster stability and security in the South Caucasus. It will strengthen the EU’s position and role in the region and is fully in line with overall EU strategy toward the South Caucasus".
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Opinion
Opinion: Azerbaijan is intensively engaged in new projects that aim to contribute to energy security, especially in Eastern Europe

Opinion: Azerbaijan is intensively engaged in new projects that aim to contribute to energy security, especially in Eastern Europe

Over the last month, the diplomatic traffic between Azerbaijan and the Eastern European countries has intensified in a remarkable way. The mutual high-level visits between Albania and Azerbaijan, as well as between Serbia and Azerbaijan in a short period of time over the last few months were a sign of the sides’ interest in bilateral cooperation in various fields, particularly in the field of energy. Azerbaijan is also involved in projects with the countries of the region within multilateral formats together with the European Union (EU). In this context, two major agreements signed this year provide a good basis for this cooperation both in the imports of natural gas and importantly green energy, writes Vasif Huseynov in this op-ed for commonspace.eu. These developments in the relations between Azerbaijan and the Eastern European countries brings with it also geopolitical approximation between the sides. As President Aliyev stated following the signing of the electricity deal in Bucharest, Azerbaijan’s contribution to European energy security creates an important bridge between the EU and Azerbaijan. The bridge between the two shores of the Black Sea forms a larger security architecture which increase the resilience of the regional countries in the face of national security challenges they face.