The Azerbaijan State News Agency

ECONOMY

Azerbaijan to increase daily oil output by 400,000 barrels in February

Azerbaijan to increase daily oil output by 400,000 barrels in February

Baku, January 5, AZERTAC

Azerbaijan has also expressed its support to the decision adopted at the 24th Ministerial Meeting of OPEC and non-OPEC countries on increasing daily oil production by 400,000 barrels in February in order to support stability and balance in the global oil market, the Ministry of Energy told AZERTAC.

“The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in February 2022 to reach 668,000 barrels, while the reduction commitment is 50,000 barrels.

Held in July the 19th Ministerial Meeting of OPEC plus countries decided starting from August to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the “Declaration of cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year,” the ministry said.

 

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