ECONOMY


Azerbaijan submitted oil output data to OPEC

Baku, February 3, AZERTAC

İn accordance with the agreement reached on the reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna on 10 December 2016, Azerbaijan has submitted information on daily oil production during the month of January 2017, to the Joint Technical Commission of Joint Monitoring Committee.

The ministry said that countries joined the Vienna agreement will present monthly reports on oil output to the technical commission.

“The Azerbaijani Energy Ministry’s representative, who will work on this issue with the technical commission, has already been determined. The data for January has already been presented to the commission. According to the data, daily oil output was 793,900 barrels in Azerbaijan in January, 50,800 barrels of which accounted for condensate,” the ministry said.

About 617,000 barrels of oil, 50,800 barrels of condensate and 24,200 barrels of oil products were daily exported, according to the ministry.

Azerbaijan fully fulfilled its commitments on reducing oil output by 35,000 barrels per day, noted the ministry.

“Thus, until the agreement’s signing, Azerbaijan produced 37.72 million tons of oil in 11 months of 2016, or the daily output level was 829,100 barrels,” said the ministry.

The researchers showed that the made decisions have had a positive impact on oil prices’ increase and stabilization, added the ministry.

“In March, Kuwait will host a meeting of the Monitoring Committee, where the implementation of agreements and their impact on the market will be discussed,” the ministry said. “As a result, proposals and decisions will be made that will help the oil producing countries to form plans on output.”

The Energy Ministry is convinced that Azerbaijan’s fulfillment of commitments on the reduction of output confirms the country’s interest and resoluteness in the implementation of necessary measures to stabilize oil prices.

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