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Azerbaijan reduces oil production under OPEC+

Azerbaijan reduces oil production under OPEC+ Azerbaijan reduces oil production under OPEC+

Baku, November 13 - Neftegaz.RU. Azerbaijan reduced its daily oil production by 20,000 barrels since January 2019, in line with the OPEC+ deal agreement  that stipulates maintaining daily oil output at 776,000 barrels, Azernews reported.

Thus, over the first 9 months of 2019, Azerbaijan  fulfilled its oil production obligations under OPEC+ agreement by 145 %. Azerbaijan’s oil production amounted to 718,000 barrels in October 2019. Of these, 644,000 barrels were crude oil and 74,000 barrels - condensate. Daily export of crude oil constituted 569 000 barrels, while export of condensate and oil products accounted for 76 000 and 9,500 barrels respectively.

By comparison, the average daily oil production in Azerbaijan amounted to 792,600 barrels in 2018. According to the new OPEC+ deal concluded in December 2018, the countries of the cartel obliged to cut oil production by 800,000 barrels per day, and non-OPEC countries - by 400,000 per day.

Following the meeting of the ministers of OPEC and non-OPEC in Vienna this July, the agreement on limiting oil production was extended until the end of the 1st quarter of 2020.

The data on daily oil production in Azerbaijan in July were sent to the Joint Technical Commission of the OPEC Monitoring Committee. Azerbaijan supports the decision to reduce oil production and joined the agreement to support the process of world oil market regulation.