TODAY.AZ / Business

Country continues to fulfill OPEC+ obligations

09 September 2019 [19:00] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan supports OPEC+ measures to ensure world market balance in the period of ongoing economic and geopolitical uncertainties.

The average daily oil production in the country amounted to 769,000 barrels in January-August 2019, the Energy Ministry said in a message.

In accordance with the agreements under OPEC+, Azerbaijan committed itself to reduce oil production by 20,000 barrels per day since 2019 compared to September 2018, to 776,000 barrels per day. Thus, Azerbaijan fully implements its obligations under the OPEC+ deal.

The ministry noted that the daily oil production in Azerbaijan in August amounted to 749,000 barrels. Of these, 686,000 barrels accounted for crude oil, and 63,000 barrels – for condensate production.

The data on daily oil production in August was sent to the Joint Technical Commission of the OPEC Monitoring Committee.

At the same time, the daily volume of crude oil exports from Azerbaijan in August amounted to 501,000 barrels, condensate - 59,000 barrels and oil products - 4,500 barrels.

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. 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. The country will maintain the same volume of oil production as part of the OPEC+ deal extension. The implementation of the Declaration of Cooperation is planned from July 1, 2019 to March 31, 2020. The quotas of OPEC+ countries, established by the agreement that came into force on January 1, 2019, remained unchanged.

The average daily oil production in Azerbaijan amounted to 792,600 barrels in 2018. The country's average daily oil production is projected at around 0.8 million barrels per day in 2019. OPEC predicts average daily oil production in Azerbaijan at the level of 0.79 million barrels in 2020.


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