Ministry of Energy has submitted reports on daily oil production in Azerbaijan during March 2018, to the Joint Technical Commission of Joint Monitoring Committee of OPEC, in accordance with the Vienna Agreement on reduction of oil production, signed between the members of the OPEC and non-cartel countries.
Report was informed in the ministry, according to the reports, during March the daily oil production in the country amounted to 794,000 barrels. 740,000 barrels of this volume were crude oil and 54,000 barrels of condensate. Daily 629,600 barrels of crude oil, 54,000 barrels of condensate, 10,600 barrels of oil products were exported.
Under the agreement, daily oil production in Azerbaijan amounted 834,000 barrels in 2018. Azerbaijan has again fulfilled its obligations on daily oil production by reducing it 35,000 barrels per day.
Notably, daily oil production in Azerbaijan amounted to 814,600 barrels in January, 806,000 barrels in February. The average daily oil production in our country was 781.900 barrels in 2017.
Notably, on November 30, 2016, 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 Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Ministerial Council on May 25, 2017, OPEC and non-OPEC states agreed to extend the contract on oil production cut till the end of I quarter, 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 cutting by late 2018. Azerbaijan joined the new agreement with OPEC and non-OPEC countries.