Saudi Minister: Azerbaijan cut oil output more than required

Baku. 26 April. REPORT.AZ/ Azerbaijan is one of the countries that fulfilled its commitments on oil production cut in a good manner. Azerbaijan has cut production by more than required in commitments”. 

Report informs, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Abdulaziz Al-Falih said in Baku.

Saudi Minister said he will visit Russia for discussions over extension of Vienna agreement on reduction of oil output. He will meet with his Russian counterpart Aleksandr Novak.

Notably, in March, daily oil production in Azerbaijan was 733,3 thousand barrels. 693.3 thousand barrels were crude oil, 40 thousand barrels - condensate. 596 thousand barrels of crude oil, 40.0 thousand barrels of condensate and 23 thousand barrels of oil products were exported per day. Thus, as part of the agreement by 11 non-OPEC countries to reduce daily oil production by 558,000 barrels/day from January 1, 2017, Azerbaijan has fully fulfilled its commitments by reducing daily oil production by 35,000 barrels. Daily oil production in Azerbaijan was 793,9 thousand barrels in January, and 776,4 thousand barrels in February.

Notably, on November 30, 2016, agreement was reached on daily oil production cut on OPEC by 1,2 mln barrels down to 32,5 mln barrels. On December 10, 11 non-OPEC countries including Azerbaijan have signed agreement to cut production by 558,000 barrels/day. The agreement was signed for the first half of 2017 and it is expected to extend its term.