Azerbaijan cuts average daily oil production within OPEC + agreement

By  Trend

Azerbaijan has submitted the data on the daily oil production in the country for March 2019 to the joint technical commission of the OPEC monitoring committee, Trendreports referring to the country's Energy Ministry on April 10.

According to the ministry, daily oil production reached 798,000 barrels in Azerbaijan in March, of which 714,000 accounted for oil, 84,000 - for condensate.

Thus, 586,000 barrels of oil, 84,000 barrels of condensate and 19,700 barrels of oil products were exported daily.

The average daily oil production reached 793,000 barrels in January, 806,000 barrels in February and 792,600 barrels in 2018, the Ministry of Energy said.

The average daily oil production volume in the first quarter of this year reached 799,000 barrels.

The joint technical commission was established on January 22, 2017 under the monitoring committee created to monitor the fulfilment of the countries' commitments to reduce oil production.

An agreement was reached to reduce daily oil production by 1.2 million barrels at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December 7, 2018.

As part of the agreement, Azerbaijan has reduced daily production by 20,000 barrels since January 1, 2019.