Azerbaijan fulfills its obligations to OPEC in November

Daily oil output in Azerbaijan amounted to 776,000 barrels in November with crude oil making 687,000 barrels and condensate 89,000 barrels, Report informs.

According to the Ministry of Energy, 577,000 barrels of crude oil, 82,000 barrels of condensate, 26,400 barrels of oil products were exported.

Azerbaijan has completely fulfilled the obligation to reduce the output by 20,000 barrels a day. Average daily output in January-November was 764,000 barrels.

Azerbaijan has submitted information on daily oil production during December 2017 to the Joint Technical Commission of Joint Monitoring Committee.

At the fifth 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 cut by the end of 2018. Azerbaijan joined the new agreement with OPEC and non-OPEC countries.

On December 6, 2019, OPEC and non-OPEC countries reached a deal to cut output by 500,000 more barrels a day.