By Trend

Oil production in Azerbaijan for July amounted to 778,000 barrels per day, Trend reports referring to the Azerbaijani Energy Ministry.

"The daily oil production in July amounted to 778,000 barrels. Of these, 704,000 barrels accounted for crude oil and 74,000 barrels for condensate production," the Ministry of Energy said in a statement.

According to the ministry, the daily export of crude oil from Azerbaijan in July amounted to 500,000 barrels, while that of oil condensates amounted to 70,000 barrels, and of oil products to 29,000 barrels.

On average, 793,000 barrels of oil were produced daily in January, 806,000 barrels in February, 798,000 barrels in March, 683,000 barrels in April, 776,000 barrels in May, and 768,000 barrels in June.

According to the ministry, the average daily oil production in Azerbaijan for 7 months amounted to 771,700 barrels, meaning that oil production in the country was within the framework of the obligations undertaken under the OPEC+ agreement.

Since 2019, Azerbaijan has been committed to reducing oil production by 20,000 barrels per day when compared to September 2018, i.e. to the level of 776,000 barrels per day.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, it was decided in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.