Azerbaijan’s commitments on production discussed

Within the regulation of the oil market, the issue of the fulfillment of Azerbaijan’s commitments was discussed with the oil-producing companies in the country.

Report informs referring to the Energy Ministry that the companies expressed their support to measures to balance the oil market.

Azerbaijan’s commitments will be distributed in accordance with the quota, which is set less than the level of October 2018 and taking into account the production volumes of the oil-producing companies.

The quotas of OPEC and non-OPEC countries on output cut include only crude oil, not the condensate volumes. Azerbaijan’s daily output was 718,000 barrels in October 2018. Compared to this figure, Azerbaijan’s commitments for May-June are to be cut by 12% or 164,000 barrels, for July-December - by 18% or 131,000 barrels, and from January 2021 till April 2022 – by 14% to 98,000 barrels.

According to the commitments, Azerbaijan is to produce 554,000 tonnes of crude oil in May-June, 587,000 barrels in July-December, and 620,000 barrels from January 2021 till April 2022.