SOCAR (State Oil Company of Azerbaijan) plans to produce 7.2 million tons of oil with condensate in 2020, taking into account OPEC + obligations to reduce oil production, SOCAR spokesman Ibrahim Ahmedov said.
He also said that, taking into account the obligations under OPEC +, in general, oil production with condensate in Azerbaijan in 2020 will amount to about 34.5 million tons of oil.
According to the State Statistics Committee, 37 million 517.6 thousand tons of oil with condensate were produced in Azerbaijan in 2019. Thus, in 2020, the decline will be 8.1%.
Recently, the Minister of Finance of Azerbaijan, speaking on the Azerbaijan state TV channel, said that a decline in oil production in the amount of 2.7 million tons is expected this year.
SOCAR produced 7 million 683.1 thousand tons in 2019. Thus, in 2020, the company will cut production by 6.3%.