Azerbaijan fulfills its obligations to OPEC in November

Baku. 6 December. 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, Azerbaijan has submitted information on daily oil production in November 2017 to the Joint Technical Commission of Joint Monitoring Committee. 

Report informs referring to the press service of Ministry of Energy, in November, 790,7 thsd barrels of oil were produced in the country.

According to information, 735,8 thousand barrels of this volume were crude oil and 54,9 thousand barrels of condensate. Daily 643,4 thousand barrels of crude oil, 54,9 thousand barrels of condensate, 15 thsd barrels of oil products were exported.

Average daily production amounted to 793,9 thsd barrels in January, 776,4 thsd barrels in February, 733,3 thsd barrels in March, 781,1 thsd barrels in April, 785,3 thsd barrels in May, 793,7 thsd barrels in June, 796,7 thsd barrels in July, 734,8 thsd barrels in August, 785,7 thsd barrels in September, 800,6 thsd barrels in October.

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, in Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels, agreement was reached on extension of deal till first half year of 2018.

A decision was made to extend the OPEC+ agreement till the end of 2018 within the 173th meeting of the OPEC Ministerial Council, November 30, 2017. Azerbaijan joined the new agreement.