Azerbaijan fulfills its obligations to OPEC in June

Azerbaijan fulfills its obligations to OPEC in June Azerbaijan reduced the production by 164,200 barrels a day in June.
Energy
July 9, 2020 11:54
Azerbaijan fulfills its obligations to OPEC in June

In June, daily oil output in Azerbaijan amounted to 553,800 barrels, with 434,700 barrels from Azeri-Chirag-Guneshli, and 119,100 barrels from SOCAR. 

Within the OPEC+ deal to cut the output by 9.7 million barrels compared to October’s level, Azerbaijan reduced the production by 164,200 barrels a day in June. So, Azerbaijan fulfilled its obligation to OPEC.  

According to the “Declaration of Cooperation,” Azerbaijan keeps the production at 554,000 barrels a day in May-June-July. The ACG has to produce 434,000 barrels a day, SOCAR – 120,000 barrels a day. 

The OPEC+ countries reached a deal on April 12 to cut the output by 9.7 million barrels a day in May-June. Azerbaijan’s commitment is to reduce production by 164,000 barrels. OPEC and non-OPEC countries agreed to extend the period for one more month – until the end of July.