By Trend

Oil production in Azerbaijan for August amounted to 749,000 barrels per day, Trend reports on Sept. 9 referring to Azerbaijani Energy Ministry.

"The daily oil production in August amounted to 749,000 barrels, 686,000 barrels of that volume accounted for crude oil and 63,000 barrels for condensate production," the ministry said.

According to the ministry, the daily export of crude oil from Azerbaijan in August reached 501,000 barrels, while that of oil condensate - 59,000 barrels, and oil products - 4,500 barrels.

On average, 793,000 barrels of oil were produced daily in January, 806,000 barrels in February, 798,000 barrels in March, 683,000 barrels in April, 776,000 barrels in May, 768,000 barrels in June and 778,000 barrels in July.

According to the ministry, the average daily oil production in Azerbaijan amounted to 769,700 barrels in January-August, i.e. oil production in the country was within the obligations undertaken under the OPEC+ agreement.

Since 2019, Azerbaijan has been committed to reducing oil production by 20,000 barrels per day compared to September 2018, i.e. to the level of 776,000 barrels per day.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.