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Azerbaijan reports on implementation of OPEC + deal for September

Azerbaijan submitted data on its daily oil production in September 2018 to the OPEC Joint Technical Committee under the Vienna Agreement, the Azerbaijani Energy Ministry told Trend on October 10.

Daily oil production stood at 796,000 barrels in September 2018, of which 725,000 barrels accounted for crude oil and 71,000 barrels – for condensate, while 599,000 barrels of crude oil, 71,000 barrels of condensate and 7,000 barrels of oil products were exported.

In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels, in March – 794,000 barrels, in April – 785,700 barrels, in May – 801,000 barrels, in June – 792,000 barrels, in July – 773,000 barrels and in August – 774,000 barrels of oil per day.

In January 22, 2017, the OPEC Joint Technical Committee was established to monitor the fulfillment of countries’ obligations to reduce oil production.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.

Since the signing of the agreement to this day, Azerbaijan has been marked by the OPEC as a country that actively fulfills its obligations and as the leader among countries to reduce oil production.

During the last, 173rd meeting of the OPEC +, held on November 30, 2017, the parties reached a new agreement to extend the reduction of oil production until the end of 2018. Azerbaijan has also joined the agreement.
Source: Azernews

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