The volume of oil extraction (including condensate) in Azerbaijan in July 2021 amounted to 717,000 barrels, Report informs referring to the country’s Energy Ministry.
Of this volume, 606,000 barrels accounted for crude oil and 111,000 barrels for condensate.
According to the new ‘Declaration of Cooperation’ adopted by the OPEC+ countries in April this year, Azerbaijan’s new production commitments amount to 98,000 barrels in July. Daily crude oil production in the country increased by 10,000 barrels by June and amounted to 620,000 barrels in July.
On August 1, a new ‘Declaration on Cooperation’ came into force, adopted at the 19th meeting of the OPEC+ ministers last month. Under the new agreement, OPEC+ countries plan to increase daily crude oil production by 400,000 barrels every month from August. Azerbaijan got the opportunity to increase daily crude oil extraction by about 7,000 barrels every month.