Volume of Oil Production in Azerbaijan Sharply Went Down Since January

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The daily volume of oil production in Azerbaijan in March 2017 amounted to 733.3 thousand barrels, according to the information of the Ministry of Energy of the country.

“Daily oil production in Azerbaijan in March amounted to 733.3 thousand barrels, of which 693.3 thousand barrels fell on crude oil, and 40 thousand barrels – on condensate,” the information says.

In January 2017, daily oil production in Azerbaijan was 793.9 thousand barrels, and in February – 776.4 thousand barrels.

According to the Ministry of Energy, the daily volume of export of oil from Azerbaijan in March this year amounted to 596 thousand barrels of crude oil, 40 thousand barrels of condensate and 23 thousand barrels of oil products.

“Thus, Azerbaijan has fully fulfilled its obligations to reduce oil production by 35,000 barrels per day,” the information says.

On December 10, 2016, a ministerial meeting of OPEC countries and countries outside the cartel was held. Following the meeting, the countries signed an agreement on reduction in oil production. The reduction in production for the OPEC countries will be about 1.2 million barrels per day, which corresponds to a production level of 32.5 million barrels per day. Countries that are not part of OPEC will reduce oil production by 558,000 barrels per day.

According to the agreement, Azerbaijan undertook to reduce its own oil production by 35,000 barrels per day.

The agreement was concluded for the first half of 2017 and provides for the possibility of extending its terms, the Azerbaijani Energy Ministry notes.

* By the end of 2016, Azerbaijan produced 41 million tons of commercial oil. Under forecasts of the government, in 2017 volumes of extraction are expected at a level of 40 million tons.

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