By Azernews

At the 28th Ministerial Meeting of OPEC and non-OPEC nations, Azerbaijan has supported a decision on increasing daily oil production by 432,000 barrels in June.

The growth was determined at the 19th meeting in July last year according to the agreement on partial changes to the base indicators of oil production.

According to the quotas set for June, the daily crude oil production in Azerbaijan is expected to increase by 7,000 barrels reaching 695,000 barrels, and the commitment to reduce it to 23,000 barrels.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume. 

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

The Declaration of Cooperation envisaged increasing daily crude oil production volume in Azerbaijan every month from August to the end of 2021 and reducing the obligations related to cuts accordingly.

Moreover, from May 2022 to the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing base. In other words, the 718,000-barrel daily crude oil production in October 2018 in Azerbaijan will remain at the base level for determining the output level next year.