Azerbaijan implements OPEC+ agreement

11 September 2018 13:19 (UTC+04:00)

By Sara Israfilbayova

Azerbaijan presented data on its daily oil production in August 2018 to the OPEC Joint Technical Committee (JTC) as part of the Vienna Agreement.

The Azerbaijani Energy Ministry reported that daily oil production stood at 774,000 barrels in August 2018, of which 716,000 barrels accounted for crude oil, 58,000 barrels for condensate and 19,000 barrels of oil were exported.

The ministry said that Azerbaijan again fully fulfilled its obligations obligations on oil output reduction by 35,000 barrels per day under the output cut deal.

In January 2018, daily oil production stood at 814,600 barrels, in February – at 806,000 barrels, in March - 794,000 barrels, in April – 785,700 barrels, in May - 801,000 barrels, in June – 792,000 barrels and in July – 773,000 barrels of oil per day.

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

OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.

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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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is

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