By Azernews

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 641,000 barrels in August 2022, Azernews reports, citing the Energy Ministry.

Out of the total daily oil output, crude oil amounted to 554,000 barrels and condensate to 87,000 barrels.

The agreement reached during the 30th Ministerial Meeting of OPEC+ envisages reaching the daily crude oil production to 717,000 barrels in Azerbaijan in August.

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

At the 19th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan 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.

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