Today.Az » Business » Azerbaijani Energy Ministry announces volume of daily oil production as of December 2019
12 January 2020 [12:46] - Today.Az
The daily oil production amounted to 771,000 barrels in Azerbaijan in December 2019, Trend reports referring to the Azerbaijani Ministry of Energy.
Some 680,000 of that volume accounted for crude oil while 91,000 barrels - condensate.
"Some 457,000 barrels of crude oil, 84,000 barrels of condensate, 19,900 barrels of oil products were exported daily," the message said.
Azerbaijan has completely fulfilled its commitments to reduce production by 20,000 barrels per day as part of the agreement on the preservation of daily oil production in the volume of 776,000 barrels dated December 7, 2018.
The Azerbaijani Ministry of Energy submitted daily oil production data to the technical commission of the OPEC Joint Ministerial Monitoring Committee in December.
A decision to further reduce the daily oil production by 500,000 more barrels was made at the 7th OPEC and non-OPEC Ministerial Meeting on December 6, 2019.
In accordance with the new "Declaration on Cooperation", Azerbaijan’s commitment of reducing oil production volume is set at 27,000 barrels.
Azerbaijan must produce 769,000 barrels of oil daily from January 2020.