Azerbaijan produces 586,200 barrels of crude oil in September

Daily crude oil production in Azerbaijan in September amounted to 586,200 barrels, Report informs, citing the Energy Ministry.

"Daily oil production (including condensate) in September 2021 made up 703,100 barrels, of which 586,200 barrels were crude oil and 116,900 barrels - condensate," the ministry said.

According to OPEC and non-OPEC Ministerial Meeting (ONOMM) held in July this year, Azerbaijan can increase oil production by 7,000 barrels per month.

Thus, in September, daily crude oil production was expected to increase by 7,000 barrels compared to August and reach 633,000 barrels.

Under the agreement reached at the 19th Ministerial Meeting in July, starting from August, OPEC+ countries will increase daily crude oil production by 400,000 barrels per month, and the cuts of 5.8 million barrels will be completed by September 2022. From May next year, the "Declaration of Cooperation" will be extended until the end of 2022, with partial adjustments to the base level of oil production.

At the 21st Ministerial Meeting on October 4, Azerbaijan expressed its support for the decision to increase daily oil production by 400,000 barrels in November.

The new "Declaration of Cooperation" envisages an increase of 7,000 barrels in daily crude oil production of Azerbaijan in November to 647,000 barrels and a reduction commitment of 71,000 barrels.

The 19th ministerial meeting decided to increase the daily crude oil production by 400,000 barrels per month starting from August, end the reduction of 5.8 million barrels in September 2022 and extend the "Declaration of Cooperation" until the end of 2022, with partial adjustments to the base level of oil production.