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    Azerbaijan completely fulfils its commitment to OPEC on oil output cutting

    Azerbaijan submitted information to OPEC on daily oil production in March

    Baku. 3 April. REPORT.AZ/ In conformity to output reduction agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-cartel exporters signed in Vienna, Azerbaijan has submitted information on daily oil production in March, 2017 to the Joint Technical Commission of Joint Monitoring Committee.

    Report informs citing the press service of the Azerbaijani Energy Ministry.

    According to the information, in March this year, daily oil production in the country made 733.3 thousand barrels. 693.3 thousand barrels of this volume accounted for crude oil, 40 thousand for condensate. 596 thousand barrels of crude oil, 40,0 thousand barrels of condensate and 23 thousand barrels of oil products were exported per day. Thus,in accordance with agreement reached between 11 countries to reduce production by 558 thousand barrels per day from January 1 2017, Azerbaijan has fully implemented its commitment regarding production cut of 35 thousand barrels per day. Notably, in January, daily oil production in Azerbaijan amounted to 793.9 thousand barrels, in February 776.4 thousand barrels.

    Notably, on November 30, 2016 OPEC have agreed to reduce daily oil output by 1.2 barrel to keep it at 32.5 barrel/day. On December 10 in Vienna, 11 non-member countries, including Azerbaijan signed agreement to reduce overall daily production by 558 thousand barrels. The agreement covers first half of this year and may be extended. 

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