TODAY.AZ / Business

Barkindo: Azerbaijan extremely supportive of OPEC deal

08 October 2017 [11:13] - TODAY.AZ
By Trend

Azerbaijan has been extremely supportive of the oil output cut deal of OPEC and participating non-OPEC countries, OPEC Secretary General Mohammad Sanusi Barkindo said in an exclusive interview with Trend.

"The assessment of the conformity of all participating countries is taken by both OPEC and non-OPEC. To implement the ‘Declaration of Cooperation’, a Joint Ministerial Monitoring Committee (JMMC) was established, which has so far met five times this year. The members of this committee are Kuwait, Algeria and Venezuela from OPEC; and from non-OPEC, the Russian Federation and Oman. To support the JMMC, a Joint Technical Committee (JTC), working alongside the OPEC Secretariat, was also formed. The JTC has met eight times so far this year," said the secretary general.

Barkindo pointed out that the adoption of the joint framework for oversight and monitoring implementation of the ‘Declaration of Cooperation’ is innovative and unique.

They are also prime examples of OPEC’s support for data sharing, openness and transparency, he added.

"I should also like to stress that Azerbaijan has been extremely supportive of the ‘Declaration of Cooperation’, achieving fully conformity to its production adjustment. Its commitment has been exemplary to the common goal of oil market rebalancing," added Barkindo.

Daily oil production in Azerbaijan stood at 785,700 barrels in September, of which 733,000 barrels accounted for crude oil and 52,700 barrels for condensate.

Meanwhile, 627,000 barrels of crude oil, 52,700 barrels of condensate and 19,300 barrels of oil products were exported per day.

"Azerbaijan once again completely fulfilled its commitments to reduce production by 35,000 barrels per day," said Azerbaijan’s Energy Ministry.

Azerbaijan produced 793,900 barrels of oil per day in January, 776,400 barrels of oil per day in February, 733,300 barrels of oil per day in March, 781,100 barrels of oil per day in April, 785,300 barrels of oil per day in May, 793,700 barrels of oil per day in June, 796,700 barrels of oil per day in July, 734,800 barrels of oil per day in August, said the ministry.

In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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