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Saudi Arabia helps OPEC fulfill deal by 124%

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An additional reduction in oil output in Saudi Arabia as part of the OPEC+ agreement led to a decline in crude production by OPEC states by 0.65 million barrels per day in monthly terms in February – to 24.85 million barrels. But the organization completed the oil deal by 124% against 108% in January, Report informs, citing OPEC's monthly report.

"The total oil production of 13 OPEC countries averaged 24.85 million barrels per day in February 2021, which is 0.65 million barrels per day lower than the previous month. Production increased mainly in Nigeria, Iraq, Iran, Venezuela. and Libya, and declined mostly in Saudi Arabia and Angola," the report reads.

The updated OPEC+ agreements started in May 2020 with the curbs of 9.7 million barrels daily.

Later the conditions were adjusted, and as of February 2021, the restrictions were 7.125 million barrels. Only 10 out of 13 OPEC countries participate in the deal, which excludes Iran, Venezuela, and Libya.

The baseline for all is October 2018, but for Saudi Arabia, it is 11 million barrels.

At the same time, Saudi Arabia, in addition to its quota, pledged to reduce production by another 1 million barrels per day from February while not limiting the duration of additional cuts.

So, oil production in the kingdom in the reporting month fell by 930,000 barrels per day – down to 8.15 million barrels.

In February, OPEC cut output by 5.661 million barrels per day, fulfilling its obligations under the OPEC+ agreement by 124%.

Meanwhile, Gabon remained the lowest-performing country in the OPEC+ deal in February after it fulfilled the agreement terms by only 25%.

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New CEO appointed to Azercell Telecom

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Zarina Zeynalova has been appointed Chief Executive Officer of Azercell Telecom LLC, Report informs.

Zarina Zeynalova holds a post-graduate diploma in People Management & Development from Nottingham Trent University in the UK. She is a Fellow Member of the Chartered Institute of People Management and Development (CIPD). She is a graduate of the Executive Management Development Program at Texas A&M University, USA. She holds a B.Sc. degree from Azerbaijan Medical University.

Z. Zeynalova has over 25 years of professional experience in management and organizational development across multiple geographies of the world. For 20 years she has held various management positions in BP offices in Azerbaijan, UK, and the US. She also held senior management positions at PricewaterhouseCoopers (PwC) and Pasha Construction Group.

Note that the former head of Azercell Telecom LLC, Vahid Mursaliyev left his post due to the expiration of his contract.

The main priority of the new CEO of Azercell will be to ensure a leading position in the field of digital transformation in Azerbaijan, along with the development of the communication activities of Azercell.

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Oil prices go up 

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The oil prices, which fell this afternoon, rose again during the evening auctions.

Report informs that Brent crude for June delivery went up 0.12 percent to $66.86 a barrel, WTI June crude futures surged 0.22 percent to $63.33, while May futures climbed 0.17 percent to $63.24 a barrel.

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WHO extends emergency mode due to coronavirus

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The World Health Organization (WHO) has extended the global emergency regime due to the COVID-19 pandemic for another three months.

The decision was made after the Committee on Emergency Situations of the WHO International Health Regulation (IHR) discussed the situation at the 7th meeting.

"The WHO Director-General accepted that the COVID-19 pandemic still remains a Public Health Emergency of International Concern (PHEIC) and agreed with the committee's recommendations," the statement reads.

So far, 142 million people worldwide have been infected with the coronavirus, and more than 3 million of them have died.

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