Azerbaijan cuts oil production in January in line with OPEC+ agreement

11 February 2020 18:27 (UTC+04:00)

By Rasana Gasimova

Azerbaijan produced 769,000 barrels of oil in January 2020, fulfilling its oil production obligations under OPEC+ agreement by 100 percent, the country’s Ministry of Energy has said in its official website.

Of these, 678,000 barrels were crude oil and 91,000 barrels - condensate. Daily export of crude oil constituted 540,000 barrels, while export of condensate and oil products accounted for 87,000 and 22,3 barrels respectively.

According to the new OPEC+ deal concluded in December 2018, the countries of the cartel obliged to cut oil production by 800,000 barrels per day, and non-OPEC countries - by 400,000 per day.

Following the meeting of the ministers of OPEC and non-OPEC in Vienna in July 2019, the agreement on limiting oil production was extended until the end of the first quarter of 2020.

According to the agreements reached in December 2019, OPEC countries committed to reduce daily oil production by an additional 372,000 barrels starting from January 1, 2020, and non-OPEC countries committed to reduce this indicator by 131,000 barrels. Azerbaijan’s new quota as part of the OPEC + deal to reduce oil production in the first quarter of 2020 is 769,000 barrels per day.

Note that the country reduced its daily oil production by 20,000 barrels since January 2019, within the OPEC+ consensus that prescribed to maintain daily oil output at 776,000 barrels.

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