Azerbaijan fulfills its obligations to OPEC in January

Baku. 6 February. REPORT.AZ/ In accordance with the agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna on December 10, 2016, Azerbaijan has submitted information on daily oil production during January 2018, to the Joint Technical Commission of Joint Monitoring Committee.

Report informs, press service of the Ministry of Energy stated.

According to the ministry, in January, 814,6 thsd barrels of oil were produced daily in the country. 759,7 thousand barrels of this volume were crude oil and 54,9 thousand barrels of condensate. Daily 624,2 thousand barrels of crude oil, 54,9 thousand barrels of condensate, 14,3 thousand barrels of oil products were exported. Azerbaijan has fulfilled its obligations on daily oil production (35,000 barrels) also in January 2018.

Notably, average annual oil production in Azerbaijan for 2017 amounted to 781,900 barrels in exchange for an agreement on maintaining a daily oil production of 834,000 barrels/day.

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,  2016, in Veinna, 11 non-member countries, including Azerbaijan have signed agreement with OPEC to reduce overall daily production by 558,000 barrels. The agreement was concluded at OPEC's Ministerial Council's 172nd meeting in Vienna, May 25, 2017, on extension of agreement till the first half year of 2018.

At the third meeting of OPEC member-states and non-cartel ministers within the framework of the 173th meeting of the OPEC Ministerial Council on November 30, 2017, a decision was made to extend the agreement on production cutting by late 2018. Azerbaijan joined the new agreement with OPEC and non-OPEC countries.