TODAY.AZ / Business

Energy Ministry reveals volume of oil output

12 June 2019 [17:38] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan continues to fulfill its commitment to reduce oil output.

The daily volume of oil production in the country amounted to 776,000 barrels in May 2019 against 683,000 barrels per day in April.

According to the Energy Ministry, 699,000 barrels of this amount accounted for crude oil, and 77,000 barrels - to condensate.

Thus, the average daily oil production in Azerbaijan amounted to 771,200 barrels in January-May 2019.

Under the OPEC+ Azerbaijan agreement, since 2019, oil production should be reduced by 20,000 barrels per day compared to September 2018, to 776,000 barrels.

“Thus, Azerbaijan fully fulfills its obligations under the OPEC+ agreements,” the ministry noted.

At the same time, the daily volume of crude oil exports from Azerbaijan amounted to 494,000 barrels in May 2019 (in April – 390,000), as well as 75,000 barrels of condensate and 14,000 barrels of oil products.

Energy Ministry has sent the data on daily oil production in Azerbaijan in May to the Joint Technical Commission of the OPEC Monitoring Committee.

It is noteworthy that the average daily oil production in Azerbaijan amounted to 792,600 barrels in 2018.

The world’s major oil producers reached a deal to reduce oil production by 1.2 million barrels per day at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December 7, 2018. It was agreed to reduce daily oil production by 0.8 million barrels per day (2.5 percent) for OPEC countries in the first six months of 2019. Non-OPEC countries agreed to reduce oil production by 0.4 million barrels per day (2 percent). The agreement came into force on January 1, 2019.

Azerbaijan also supported the decision to reduce oil production and joined the agreement to support the process of world oil market regulation. As part of the agreement, Azerbaijan reduced daily production by 20,000 barrels since January 1, 2019.

The country agreed to cut daily oil production to 776,000 barrels as part of the OPEC+ agreement. The average daily oil production reached 793,000 barrels in January, 806,000 barrels in February and 798,000 barrels in March and 683,000 barrels in April.


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