Baku. 5 September. REPORT.AZ/ In accordance with the agreement reached on the reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna on 10 December 2016, Ministry of Energy of Azerbaijan has submitted information on daily oil production during the month of August 2017, to the Joint Technical Commission of Joint Monitoring Committee.
Report informs, press service of Ministry of Energy stated.
According to information, daily oil production in August was 734,8 thousand barrels. 704 thousand barrels of this volume were crude oil and 30,8 thousand barrels of condensate. Daily 617,6 thousand barrels of crude oil, 30,8 thousand barrels of condensate, 6,6 thousand barrels of oil products were exported. Thus, in accordance with agreement reached between 11 countries to reduce production by 558,000 barrels/day from 1 January 2017, Azerbaijan has fully implemented its commitments as cutting 35,000 barrels/day.
While average daily production amounted to 793,9 thousand barrels in January, 776,4 thousand barrels in February, 733,3 thousand barrels in March, 781,1 thousand barrels in April, 785,3 thousand barrels in May, 793,7 thousand barrels in June, 796,7 thousand barrels in July.
Notably, on November 30, 2016, the OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Veinna 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. The agreement was concluded for the first quarter of 2017. Extension of agreement till first half year of 2018 or taking another decision will be decided at next OPEC's Ministerial Council 172nd meeting in Vienna, May 25, 2017.