Azerbaijan in talks for joining OPEC
OPEC and Azerbaijan are in talks about the country’s joining the group, as the cartel looks to bolster its position amid a surge in US shale oil, the Wall Street Journal reports.
An agreement with 10 non-OPEC members, including Azerbaijan, that has cut production and boosted oil price ends this year, and some cartel officials are concerned it won’t be extended.
That has left the Organization of the Petroleum Exporting Countries looking for ways to broaden its reach in more formal ways, analysts said.
OPEC already has added two members in recent years, bringing its membership to 14. Now, it is holding talks with Azerbaijan about the country entering the organization as a full member, an OPEC official said.
With new oil flowing out of the U.S., Canada and Russia, OPEC’s share of the oil market has fallen to 40% from 55% in the early 1970s, undermining its ability to move prices as it once did.
Though not a major oil producer, Azerbaijan’s membership also would help OPEC’s relationship with Russia, which has been pivotal in cutting production.
“Azerbaijan is considering all options to further strengthen its relations with OPEC,” the organization’s secretary general Mohammed Barkindo told the Wall Street Journal in a text message. “I believe that, as the cradle of the oil industry” with the first oil well drilled in Baku in 1846, “the strategic Interest of Azerbaijan lies in OPEC,” he said.
Spokespeople for the cartel and the Azerbaijani energy ministry didn’t return requests for comment.
In recent years, OPEC added Gabon and Equatorial Guinea, which together pump about 500,000 barrels of oil a day. The Republic of Congo said it intended to join the cartel at its next meeting in June. South Sudan and Uganda also have said they want to join, citing OPEC’s role in stabilizing once free falling oil prices.
Azerbaijani oil production stood at 810,000 barrels a day in January, against OPEC’s daily total of 32.2 million barrels.
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