Azerbaijan committed to OPEC+ deal
By Sara Israfilbayova
Azerbaijan keeps fulfilling its obligations on oil output reduction by 35,000 barrels per day under the output cut deal.
The Azerbaijani Energy Ministry reported that the country has presented its data on daily oil output for the first month of 2018 to the OPEC Joint Technical Commission under the Monitoring Committee.
Daily oil production stood at 814,600 barrels in January, of which 759,700 barrels accounted for crude oil and 54,900 barrels for condensate.
The Energy Ministry also said 624,200 barrels of oil, 54,900 barrels of condensate and 14,300 barrels of petroleum products were exported daily in January.
Azerbaijan’s average daily oil production stood at 781,900 barrels in 2017 under the OPEC agreement to curb daily crude output by 834,000 barrels.
The Joint Technical Committee was created on January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production.
OPEC and other major oil producers such as Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan reached an agreement in December 2016 to remove 1.8 million barrels a day from the market.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
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