TODAY.AZ / Business

Azerbaijan continues to fulfill its obligations to OPEC+

10 July 2019 [18:00] - TODAY.AZ

By Trend

Oil production in Azerbaijan amounted to 768,000 barrels per day in June, Trend reports referring to the Ministry of Energy of Azerbaijan.

"Daily oil production amounted to 768,000 barrels in May. Of these, crude oil made up 695,000 barrels, and condensate production made up 73,000 barrels," the Ministry of Energy said in a statement.

According to the ministry, the daily export volume of crude oil from Azerbaijan in June amounted to 471,000 barrels, with that of condensates having amounted to 72,000 barrels, and oil products to 19,200 barrels.

The average daily oil production was 793,000 barrels in January, 806,000 barrels in February, 798,000 barrels in March, 683,000 barrels in April, and 776,000 barrels in May.

According to the Ministry of Energy, the average daily oil production in Azerbaijan for six months amounted to 771,000 barrels; that is, the oil production in the country was within the framework of the commitments undertaken under the OPEC+ agreement. Azerbaijan has pledged to reduce oil production by 20 thousand barrels per day from 2019, relative to the indicator of September 2018, i.e. to the level of 776,000 barrels per day.

At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to modernize the terms of the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.


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