Azerbaijan increases oil production in November

Baku. 11 December. REPORT.AZ/ Azerbaijan produced 801,000 barrels per day in November, up 2.3% from the previous month, Report informs citing Energy Ministry.

Last month, 733,000 barrels of the production were crude oil, 68,000 barrels – condensate.

Azerbaijan exported 605,000 barrels of crude oil, 68,000 barrels of condensate and 6,000 barrels of oil products.

The Energy Ministry submitted the data on daily oil production to the Joint Technical Commission of Joint Monitoring Committee.

The average daily production amounted to 814,600 barrels in January, 806,000 barrels in February, 794,000 barrels in March, 785,7 barrels in April, 801,000 barrels in May, 792,000 barrels in June, 773,000 barrels in July, 774,000 barrels in August, 796,000 barrels in September, 783,000 barrels in October.

On December 10, in Vienna, Azerbaijan signed an agreement with OPEC to reduce overall daily production by 35,000 barrels.

At the third meeting of OPEC member-states and non-cartel ministers within the framework of the 173rd meeting of the OPEC Ministerial Council on November 30, 2017, a decision was made to extend the agreement on production cut by the end of 2018. Azerbaijan joined the new agreement with OPEC and non-OPEC countries.

On December 7, 2018, OPEC and non-OPEC countries agreed to reduce oil by 1.2 million barrels per day. In accordance with the agreement, Azerbaijan will reduce oil output by 20,000 barrels.