Oil production in Azerbaijan in May 2020 amounted to 557.2 thousand bpd against the April indicator of 679.8 thousand bpd, the Ministry of Energy reports.
“The daily oil production (including condensate) in Azerbaijan in May amounted to 650 thousand barrels (in April 771.4 thousand barrels). At the same time, oil production accounted for 557.2 thousand barrels per day, and condensate – 92.8 thousand bpd. In May, Azerbaijan reduced oil production by 160.8 thousand bpd. Taking into account the country’s obligations to reduce oil production by 164 thousand bpd in May against the level of October 2018, the country fulfilled its liabilities for the OPEC + deal by 98%, “the report said.
According to the Ministry of Energy, in May, oil production from the Azeri-Chirag-Gunashli (ACG) block amounted to 437.6 thousand b / d, and from SOCAR fields, as well as by joint ventures and operating companies operating onshore, – 119.6 thousand b / d
The agency notes that for the fulfillment by Azerbaijan of its obligations to reduce oil production within the OPEC +, oil production from the ACG block will decrease from the indicator of October 2018, i.e. from 567 thousand bpd to 434 bpd, and production of SOCAR, a joint venture and operating companies from 151 thousand bpd to 120 thousand bpd.
On April 12, 2020, the OPEC and OPEC + countries approved a deal to collectively reduce the daily oil production in three stages, from May 1, 2020 to April 2022. At the same time, at the first stage (May-June 2020), the decrease within OPEC + will amount to 9.7 million bpd. On June 6, the quotas of May and June were extended until the end of July 2020.