Azerbaijan fulfills its obligations on OPEC+ deal in October

Baku. 8 November. REPORT.AZ/ Azerbaijan has fulfilled its obligations in October on the Vienna agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries.

Report informs citing the Ministry of Energy, the Energy Ministry has submitted information on daily oil production in Azerbaijan during October 2017, to the Joint Technical Commission of Joint Monitoring Committee. According to the information, daily 800,6 thousand barrels of oil were produced in the country in October, 2017 year. 746,8 thousand barrels of this volume were crude oil and 53,8 thousand barrels of condensate. Daily 628 thousand barrels of crude oil, 53,8 thousand barrels of condensate, 24,3 thousand barrels of oil products were exported.

Notably, daily oil production in Azerbaijan 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, 734,8 thousand barrels in August, 785,7 thousand barrels in September.

Azerbaijan was repeatedly announced as a leading country by OPEC that actively implements its commitments among participants so far.

Notably, on November 30, 2016, 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 Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Ministerial Council on May 25, 2017, OPEC and non-OPEC states agreed to extend the contract on oil production cut till the end of I quarter, 2018.