Azerbaijan submits its oil output data to OPEC
By Nigar Abbasova
Azerbaijan has presented its data on daily oil output for January 2017 to the OPEC Monitoring Committee.
A source in the country’s Energy Ministry told Trend that the volume of daily production in January amounted to some 793,900 barrels, with some 50,800 barrels falling to a share of condensate.
The volume of export stood at 617,000 barrels of oil per day with some 50,800 barrels accounting for condensate and 24,200 barrels falling to a share of petrochemical production.
“We have already selected a representative, who will cooperate with the carte’s commission. January data has already been submitted. The data will be presented to the Committee on a monthly basis,” the source clarified.
The next meeting of the committee set up to monitor oil output cuts by OPEC and non-cartel producers is scheduled for March.
The Azerbaijani Energy Ministry revised its forecast for oil output, following the struck of the first since 2001 deal between OPEC and non-OPEC states to curtail oil output jointly.
The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day and the country has already fulfilled its commitments and brought the production to the required level from the first days of 2017
Prior to the landmark deal, the volume of production in the country was at the level of 37.72 million tons of oil, while daily output was at 829,100 barrels. Oil production of the country in 2017 is forecasted to stand at 39.797 million, while average daily oil production will amount to 800,000-807,000 barrels
Majority of the participating exporters have already begun implementing the deal, and reached an output reduction volume of nearly 1.4 million bpd in January. Russian Energy Minister Alexander Novak said that the country reduced its oil production by 117,000 bpd.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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