ECONOMY


Azerbaijan fulfills its obligations on OPEC+ deal in January 2021

Baku, February 11, AZERTAC

Azerbaijan has fulfilled its obligations in January 2021 on the agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries by maintaining its production of crude oil at 752 thousand barrels, including 593 thousand barrels’ crude oil and 159 thousand barrels’ condensate, the Energy Ministry told AZERTAC.

“According to the Declaration of Cooperation, Azerbaijan, where oil production amounted to 718 thousand barrels of crude oil per day in October 2018, should maintain the daily crude oil output at 595 thousand barrels by reducing 123 thousand barrels in January of the current year,” the ministry said.

“At the 13th Ministerial Meeting of the OPEC + countries on 5 January, it was decided to continue the existing quotas on daily crude oil production in February-March. According to the new agreement, the daily crude oil production of OPEC plus countries will be 7 million and 125 thousand barrels in February and 7 million and 50 thousand barrels in March. Azerbaijan's commitment of 123 thousand barrels in January this year will remain unchanged in February-March,” the ministry added.

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