Azerbaijan fulfills more than 98% of its obligations to OPEC

The daily oil output in Azerbaijan amounted to 650,000 barrels in May, with crude oil making 557,200 barrels and condensate 92,800 barrels, Report says, citing the Energy Ministry.

According to the ministry, 437,600 tonnes of crude oil were extracted from Azeri-Chirag-Guneshli (ACG), 119,600 tonnes – by SOCAR.

Azerbaijan cut the output by 160,800 tonnes in May. Thus, more than 98% of the obligation was fulfilled. According to the new agreement, Azerbaijan must cut the production by 164,000 barrels from 718,000 barrels in October 2018 to 554,000 barrels in May-June 2020. ACG is to produce 434,000 barrels, SOCAR – 120,000 barrels during this period.

According to the latest amendment in the 'Declaration of Cooperation,' the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022.

At a meeting held through videoconferencing on June 6, the OPEC+ countries' ministers decided to extend the output cut by 9.7 million barrels a day until late July.