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Azerbaijan fulfills its obligation under OPEC+ deal

09 July 2020 [15:15] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Azerbaijan in June fully fulfilled its obligation under OPEC+ deal to reduce oil production by 164,000 barrels, the Energy Ministry’s press service reported on July 9.

In June 2020, the country’s daily oil production was 553,800 barrels.

Out of total production, 437,700 barrels were produced by Azeri-Chirag-Guneshli and 119,100 barrels by SOCAR.

It should be noted that Azerbaijan took obligation to reduce oil production by 164,200 barrels as of October 2018, within the framework of OPEC+ daily oil production reduction by 9,7 million barrels.

According to the “Declaration on Cooperation”, Azerbaijan produced 718,000 barrels of crude oil per day in October 2018, while in May-July this year the country must maintain the average daily production of crude oil at 554,000 barrels.

To meet these obligations, daily crude oil production should be reduced from 567,000 barrels per day at Azeri- Chirag- Guneshli field to 434,000 barrels, and for SOCAR  from 151,000 to 120,000 barrels.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota until the end of July.

URL: http://www.today.az/news/business/195266.html

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