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Azerbaijani ministry talks fulfillment of commitments under OPEC+ deal

09 November 2017 [10:39] - TODAY.AZ

By  Trend


Azerbaijan presented data on its daily oil production in October to the OPEC Joint Technical Committee as part of the Vienna Agreement, the Azerbaijani Energy Ministry told Trend Nov. 8.

According to the ministry, daily oil production stood at 800,600 barrels in October, of which 746,800 barrels accounted for crude oil and 53,800 barrels for condensate.

Meanwhile, 628,000 barrels of crude oil, 53,800 barrels of condensate and 24,300 barrels of oil products were exported per day.

OPEC has repeatedly assessed Azerbaijan as a country that is actively fulfilling its commitments under the agreement to reduce oil production and as a leader in this direction, according to the ministry.

Azerbaijan produced 793,900 barrels of oil per day in January, 776,400 barrels of oil per day in February, 733,300 barrels of oil per day in March, 781,100 barrels of oil per day in April, 785,300 barrels of oil per day in May, 793,700 barrels of oil per day in June, 796,700 barrels of oil per day in July, 734,800 barrels of oil per day in August, and 785,700 barrels of oil per day in September, said the ministry.

The OPEC Joint Technical Committee was created to monitor the implementation of countries’ commitments to cut oil production.

In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, and on May 25 it was extended by late 1Q18.

URL: http://www.today.az/news/business/166643.html

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