TODAY.AZ / Business

Oil production grows

14 August 2019 [15:41] - TODAY.AZ

By Azernews


By Mirsaid Ibrahimzade

Last year, the new OPEC+ deal was concluded, in which the countries of the cartel cut production by 800,000 barrels per day, and non-OPEC countries - by 400,000 per day. Following the meeting of the ministers of OPEC and non-OPEC in Vienna this July, the agreement on limiting oil production was extended until the end of the first quarter of 2020.

The daily volume of oil production in Azerbaijan amounted to 778,000 barrels in July 2019 compared to 768,000 barrels per day in June this year, Azerbaijan Ministry of Energy said in a message.

Of the daily oil production in July, 704,000 barrels were crude oil, while 74,000 barrels were condensate.

During May, Azerbaijan produced 776,000 barrels of oil per day, of which 695,000 barrels were crude oil and 73,000 barrels were condensate.

Under Azerbaijan’s agreement with OPEC+, since 2019, oil production should be reduced by 20,000 barrels per day compared to September 2018, to 776,000 barrels.

According to the Ministry of Energy, the daily volume of crude oil exports from Azerbaijan in July 2019 amounted to 500,000 barrels, of condensate exports – to 70,000 barrels and of oil products exports - to 29,000 barrels.

“The actual oil production in Azerbaijan in January-July 2019 amounted to 771,700 barrels per day. Thus, Azerbaijan fully fulfills its obligations under the OPEC+ agreements," the Ministry of Energy noted.

The data on daily oil production in Azerbaijan in July were sent to the Joint Technical Commission of the OPEC Monitoring Committee.

Azerbaijan supported the decision to reduce oil production and joined the agreement to support the process of world oil market regulation. As part of the agreement, Azerbaijan reduced daily production by 20,000 barrels since January 1, 2019.

The average daily oil production in Azerbaijan amounted to 792,600 barrels in 2018.

URL: http://www.today.az/news/business/185404.html

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