Azerbaijan fulfills its obligations to OPEC in August

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In August 2018, 774,000 barrels of oil were produced in the country, Energy Ministry told Report.

According to the Ministry, of these crude oil constituted 716,000 barrels and condensate – 58,000 barrels. 641,000 barrels of crude oil, 58,000 barrels of condensate, 19,000 barrels of oil products were exported daily. The Ministry has submitted information on daily oil production during August 2018 to the Joint Technical Commission of Joint Monitoring Committee.

Average daily production amounted to 814,600 barrels in January, 806,000 barrels in February, 794,000 barrels in March, 785,7 barrels in April, 801,000 barrels in May, 792,000 barrels in June, 773,000 barrels in July.

Notably, on November 30, 2016, the OPEC countries agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels per 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. The agreement was concluded at the 172nd meeting of OPEC’s Ministerial Council in Vienna, May 25, 2017. on extension of agreement until the first half year of 2018.

At the third meeting of OPEC member-states and non-cartel ministers within the framework of the 173rd 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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