Azerbaijan has fulfilled its obligations to OPEC in May


    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 May 2017, to the Joint Technical Commission of Joint Monitoring Committee. According to information, daily oil production was 785,3 thousand barrels in May 2017.

    Report informs, press service of Ministry of Energy stated.

    730,3 thousand barrels of this volume were crude oil and 55 thousand barrels of condensate. Daily 596,5 thousand barrels of crude oil, 55 thousand barrels of condensate, 12,2 thousand barrels of oil products were exported.

    Thus, in accordance with agreement reached between 11 countries to reduce production by 558,000 barrels/day from 1 January 2017, 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.

    Notably, on November 30, 2016 OPEC countries have agreed to reduce daily oil output by 1.2 barrels to keep it at 32.5 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 or taking another decision will be decided at next OPEC’s Ministerial Council 172nd meeting in Vienna, May 25, 2017.