TODAY.AZ / Business

Energy Ministry announces daily oil production volume

11 September 2021 [12:59] - TODAY.AZ

By Trend

The daily oil production (including condensate) in Azerbaijan in August 2021 amounted to 711,600 barrels, Trend reports via the Ministry of Energy.

Some 596,100 barrels fell on crude oil, and 115,500 barrels – on condensate oil.

The daily oil production (including condensate) over the same period in 2020 in Azerbaijan reached 669,100 barrels, of which 584,600 barrels were crude oil, and 84,500 barrels was condensate.

In annual terms, the daily volume of oil production increased by 42,500 barrels or 6.4 percent.

According to the decision of the OPEC+ ministers adopted in July 2021, Azerbaijan's commitment to reduce production in August should have amounted to 91,000 barrels, and daily crude oil production should have been increased by 7,000 barrels compared to July – to 627,000 barrels.

According to the agreement adopted in July 2021 at the 19th meeting of OPEC+ ministers, starting from August 2021, the countries included in this structure must increase daily crude oil production by 400,000 barrels per day on a monthly basis.

It is planned to complete the cuts of 5.8 million barrels in September 2022 and extend the validity period of the "Declaration on Cooperation" until the end of 2022, with a partial adjustment of the base level of oil production from May 2022.

Azerbaijan was able to increase its crude oil production by about 7,000 barrels per day on a monthly basis and thereby reduce its obligations in connection with the cuts.


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