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Azerbaijan's oil production hits 650,100 barrels in July

10 August 2020 [13:48] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan’s daily oil production (including condensate) amounted to 650,100 barrels in July 2020, Energy Ministry has reported.

Of these, crude oil production amounted to 554,100 barrels, and condensate to 96,000 barrels.

Moreover, 435,100 barrels of crude oil were produced by Azeri-Chirag-Guneshli and 119,000 by SOCAR.

Within the framework of OPEC+ daily oil production reduction by 9,7 million barrels, Azerbaijan reduced production of crude oil by 163,900 barrels per day in July.

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.

On July 31, the first phase of the OPEC+ agreement of April 12 to reduce daily oil production by 9.7 million barrels was completed.

In the second phase of the agreement, covering the period from August 1 to December 31, the daily production of crude oil in OPEC+ countries will be reduced by 7.7 million barrels, which is 18 percent less than in October 2018.

During this period Azerbaijan should reduce daily crude production by 131,000 barrels and keep it at 587,000 barrels. Thus, during this period Azerbaijan's restrictions on daily production of crude oil will be reduced by 33,000 barrels compared to the previous three months.

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.


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