Azerbaijan fulfills obligations to OPEC + in January

In January 2021, daily oil production (including condensate) in Azerbaijan amounted to 752,000 barrels, with crude oil accounting for 593,000 and condensate responsible for 159,000 barrels, Report informs, citing the country's Energy Ministry.

Under the OPEC+ decision to limit daily oil output to the level of October 2018 (718,000 barrels), Azerbaijan, in January 2021, had to maintain daily crude oil production in the amount of 595,000 barrels, reducing it by 123,000 barrels.

At the 13th ministerial meeting of the OPEC + countries, held on January 5 this year, it was decided to extend the current quotas for daily crude oil production in February and March. According to the new agreement, daily cuts in crude oil production by OPEC + countries amount to 7,125,000 barrels in February and 7,050,000 barrels in March. Azerbaijan's obligations in the amount of 123,000 barrels in January are valid for February-March as well.