Azerbaijan fulfils obligations on oil production under OPEC deal

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    Trend:

    Azerbaijan submitted the daily oil production data for April 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cut oil output, Azerbaijan’s Energy Ministry told Trend May 5.

    In April, the daily oil production in Azerbaijan amounted to 781,100 barrels, 54,300 barrels of which accounted for condensate.

    The Energy Ministry also said 601,600 barrels of oil, 54,300 barrels of condensate and 19,000 barrels of petroleum products were exported daily.

    Azerbaijan completely fulfils its obligations to reduce oil production by 35,000 barrels per day, the ministry said, adding the country was producing 793,900 barrels of oil per day in January, 776,400 barrels per day in February and 733,300 barrels per day in March 2017.

    The Joint Technical Committee was created January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production.

    In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, with the possibility of extension.

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