TODAY.AZ / Business

Country fulfils commitments under OPEC+ deal

11 July 2019 [14:50] - TODAY.AZ

By Azernews

By Mirsaid Ibrahimzade

The new OPEC+ deal, in which the countries of the cartel cut production by 800,000 barrels per day and non-OPEC countries by 400,000 per day, was reached on December 7, 2018. Following the meeting of the ministers of OPEC and non-OPEC in Vienna on July 2, the agreement on limiting oil production was extended until the end of the first quarter of 2020.

Azerbaijan supported the proposal of the OPEC+ monitoring committee on the extension of the deadline to reduce oil production.

The daily volume of oil production in Azerbaijan in June 2019 amounted to 768,000 barrels against 776,000 barrels per day in May this year, the Ministry of Energy said in a message.

Of the 768,000 barrels, 695,000 were crude oil and 73,000 – condensate.

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

According to the Ministry of Energy, the daily volume of exports of crude oil from Azerbaijan in June 2019 amounted to 471,000 barrels (in May - 494,000), as well as 72,000 barrels of condensate and 19,200 barrels of oil products.

The data on daily oil production in Azerbaijan in June was sent 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.


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