TODAY.AZ / Business

Azerbaijani ministry talks fulfillment of commitments under OPEC+ deal

06 December 2017 [15:54] - TODAY.AZ

By  Trend


Azerbaijan presented data on its daily oil production in November to the OPEC Joint Technical Committee as part of the Vienna Agreement, the Azerbaijani Energy Ministry told Trend on December 6.

According to the ministry, daily oil production stood at 790,700 barrels in November, of which 735,800 barrels accounted for crude oil and 54,900 barrels for condensate.

Meanwhile, 643,400 barrels of crude oil, 54,900 barrels of condensate and 15,000 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, 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 and 800,600 barrels of oil per day in October, 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. At the latest OPEC meeting in Vienna, the agreement was extended until the end of 2018. Azerbaijan joined this agreement.

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