Azerbaijan increased oil production in April

The daily oil output in Azerbaijan amounted to 771,400 barrels in April, with crude oil making 679,800 barrels and condensate 91,600 barrels, Report says, citing the Energy Ministry.

According to the ministry, 640,300 barrels of crude oil, 86,000 barrels of condensate, 23,600 barrels of oil products were exported.

The daily oil output in Azerbaijan amounted to 763,900 barrels in March, with crude oil making 683,700 barrels and condensate 80,200 barrels. According to the information, 418,900 barrels of crude oil, 76,200 barrels of condensate, 15,500 barrels of oil products were exported.

OPEC+ countries, including Azerbaijan, have been exempted from cutting output in April.

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.

According to the new agreement, Azerbaijan must cut the output by 164,000 barrels from 718,000 barrels in October 2018 to 554,000 barrels in May-June 2020.

Azerbaijan is to produce 131,000 bpd in July-December, 98,000 barrels from January 2021 to April 2022. According to the quotas, the output in Azerbaijan shouldn’t exceed 587,000 bpd from July 1 till the end of 2020, 620,000 bpd from January 2021 to April 2022.