Azerbaijan has fulfilled its obligations to OPEC

Baku. 2 February. REPORT.AZ/ İn accordance with the agreement reached on the reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna on 10 December 2016, Azerbaijan has submitted information on daily oil production during the month of January 2017, to the Joint Technical Commission of Joint Monitoring Committee. 

Report informs, press service of Ministry of Energy said.

According to information, Joint Technical Commission was established by production control committee (Kuwait, Russia, Algeria, Venezuela and Oman ) during the meeting on January 22 in Vienna, to monitor the implementation of commitments by OPEC and non-OPEC countries. Azerbaijan also prepared data as required and submitted to the Commission. According to the information, during January of this year, daily oil production was 793,9 thousand barrels. Of this, 743,1 barrels were crude oil and 50,8 barrels - condensate.

617 thousand barrels of crude oil produced per day, 50.8 thousand barrels of condensate and 24.2 thousand barrels of oil were exported.

Thus, in accordance with agreement reached between 11 countries to reduce production by 558 thousand barrels per day from 1 January 2017 Azerbaijan has fully implemented its commitments which is 35 thousand barrels per day. So, until the signing of the Agreement, i.e 37 719 606 tons of oil were produced in 11 months. While average daily production amounted to 829.100 barrels.