TODAY.AZ / Business

National daily oil output totals 679,900 barrels

16 June 2022 [10:50] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 679,900 barrels in May 2022, Azernews reports, citing the Energy Ministry.

Out of the total daily oil production, crude oil amounted to 571,300 barrels and condensate to 108,600 barrels.

The agreement reached during the 27th Ministerial Meeting of OPEC+ envisaged an increase in Azerbaijan's daily crude oil production by another 7,000 barrels to 688,000 barrels in May 2022, as well as a commitment to cut output by 30,000 barrels.

Since April 2020, OPEC and non-OPEC countries have agreed to reduce the volume of daily oil production.

Azerbaijan supported the decision to increase daily crude oil output by 400,000 barrels per month from August to December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production beginning in May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

That Declaration of Cooperation envisages increasing Azerbaijan's daily crude oil production volume every month from August to the end of the year while reducing the obligations related to cuts.

Furthermore, from May 2022 to the end of the year, Azerbaijan's oil production obligations will be calculated using the existing base. In other words, Azerbaijan's 718,000 barrels per day of crude oil production in October 2018 will serve as the baseline for determining output levels next year.

URL: http://www.today.az/news/business/221704.html

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