Azerbaijan fulfilled its obligations to OPEC in July
Baku, September 5, 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 Azerbaijan has submitted information on daily oil production during the month of August 2017, to the Joint Technical Commission of Joint Monitoring Committee. In July, 796,7 thousand barrels of oil were produced in the country.
In August, 734,8 thousand barrels of oil were produced in the country.
According to the Ministry of Energy, 704 thousand barrels of this volume were crude oil and 30,8 thousand barrels of condensate. Daily 617,6 thousand barrels of crude oil, 30,8 thousand barrels of condensate, 6,6 thousand barrels of oil products were exported.
In accordance with agreement to reduce production Azerbaijan has fully implemented its commitments as cutting 35,000 barrels/day.
While average daily production amounted to 793,900 barrels in January, 776,400 barrels in February, 733,300 barrels in March, 781,1 thousand barrels in April, 785,3 thousand barrels in May, 793,7 thousand barrels in June, 796,7 thousand barrels in Jule.
On November 30, 2016 OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Veinna 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels.
The agreement was concluded for the first quarter of 2017. Extension of agreement till first half year of 2018 or taking another decision will be decided at next OPEC's Ministerial Council 172nd meeting in Vienna, May 25, 2017.
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