OPEC: Azerbaijan plays leading role in terms of fulfilment of output cut obligation

Baku. 6 March. REPORT.AZ/ In conformity to output reduction agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-cartel exporters signed in Vienna on December 10, 2016, Azerbaijan in February provided data on daily oil output to Joint Technical Commission of Joint Monitoring Committee.

Report was informed in press service of Azerbaijan Ministry of Energy.

According to information, daily oil output in the country during February amounted 776.4 thousand barrels, including 726.4 thousand barrels of crude oil and 50 thousand barrels of condensate. Daily export figures include 604.1 thousand barrels of crude oil, 50 thousand barrels of condensate and 26.8 thousand barrels of petroleum products. Thus, Azerbaijan fully fulfilled its obligation to reduce output by 35 thousand barrels/day in conformity with agreement among 11 countries to reduce daily output by 558 thousand barrels from January 1. Notably, daily oil output in the country during January was 793.9 thousand barrels.

Joint Monitoring Committee including ministers of OPEC and non-OPEC countries noted in the letter sent to Ministry of Energy that Azerbaijan has fulfilled its obligation for 214% and praised Azerbaijan’s position. It has been noted that Azerbaijan is one of leading countries in the process and without contribution of such countries OPEC and non-cartel countries could fulfill obligation for reduction of output below 86%.

Notably, on November 30, 2016 OPEC countries have agreed to reduce daily oil output by 1.2 barrel to keep it at 32.5 barrel/day. On December 10 in Wien 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558 thousand barrels. The agreement covers first half of this year and may be extended.