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Azerbaijan fulfills its obligations to OPEC in December

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In accordance with the agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna on December 10, 2016, Azerbaijan has fulfilled its obligations on daily oil production in December 2017.

Report informs, press service of Ministry of Energy stated.

Azerbaijan has submitted information on daily oil production during December 2017, to the Joint Technical Commission of Joint Monitoring Committee.

According to report, in December 810,000 barrels of oil were produced in the country. 755,1 thousand barrels of this volume were crude oil and 54,9 thousand barrels of condensate. Daily 649,4 thousand barrels of crude oil, 54,9 thousand barrels of condensate, 20,1 thousand barrels of oil products were exported.

Average daily production amounted to 793,9 thsd barrels in January, 776,4 thsd barrels in February, 733,3 thsd barrels in March, 781,1 thsd barrels in April, 785,3 thsd barrels in May, 793,7 thsd barrels in June, 796,7 thsd barrels in July, 734,8 thsd barrels in August, 785,7 thsd barrels in September, 800,6 thsd barrels in October, 790,7 thsd barrels in November.

Notably, on November 30, 2016, the OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Veinna, 11 non-member countries, including Azerbaijan have signed agreement with OPEC to reduce overall daily production by 558,000 barrels. The agreement was concluded at OPEC’s Ministerial Council 172nd meeting in Vienna, May 25, 2017on extension of agreement till first half year of 2018.

At the third meeting of OPEC member-states and non-cartel ministers within the framework of the 173th meeting of the OPEC Ministerial Council on November 30, 2017, a decision was made to extend the agreement on production cut by the end of 2018. Azerbaijan joined the new agreement with OPEC and non-OPEC countries.

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