Daily oil output in Azerbaijan reduced in October

Azerbaijan produced 718,000 bpd in October with 644,000 barrels of crude oil and 74,000 barrels of condensate, Report informs citing the press service of the Ministry of Energy of Azerbaijan.

569,000 barrels of crude oil, 76,000 barrels of condensate and 9,500 barrels of oil products were exported daily.

In line with the agreement on maintaining daily oil production at 776,000 barrels, Azerbaijan has exceeded its commitment to reduce its output by 20,000 barrels per day.

It should be noted that the average daily oil production in January-October of the current year was 762,000 barrels.

In October, the Ministry of Energy presented information on daily oil output to the Joint Technical Commission of the OPEC Joint Monitoring Committee.

The agreement to reduce the oil production 1.2 million barrels per day has been extended until the end of the first quarter of 2020.