Azerbaijan fulfils obligations on oil production under OPEC deal

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    Azerbaijan submitted the daily oil production data for June 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 July 3.

    In June, the daily oil production in Azerbaijan amounted to 793,700 barrels, 55,000 barrels of which accounted for condensate.

    The Energy Ministry also said 624,100 barrels of oil, 55,000 barrels of condensate and 21,400 barrels of petroleum products were exported daily in June.

    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, 733,300 barrels per day in March, 781,100 barrels per day in April and 785,300 barrels per day in May.

    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 and on May 25, 2017, it was extended by late 1Q2018.