Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Tuesday March 2 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Azerbaijan benefits from OPEC's decision

6 April 2017 17:17 (UTC+04:00)
2 981

By Kamila Aliyeva

The decisions to reduce oil production by both OPEC and non-cartel nations were reasonable, said Natig Aliyev, Azerbaijan’s Energy Minister.

“Three months passed since the beginning of the year and we already feel stability of oil prices in the global market. We will continue this way,” he said adding that “a monitoring group was established and it analyzes how the decision is being fulfilled.”

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

Non-OPEC producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 bpd starting from January 1, 2017 for six months, extendable for another six months, to take into account prevailing market conditions and prospects.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.

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.

The minister added that relatively stable prices are observed in the global oil market this year. “We can compare this with 2016, when oil prices in the world market dropped to $30 per barrel. We knew that this would cause a serious harm to the economy,” Report quoted the minister as saying.

Aliyev noted that big fluctuations in oil prices will not benefit anyone and thus “we want oil prices to remain stable.”

The price of $60 per barrel satisfies both consumers and producers, according to the minister.

Aliyev also stressed importance of predictability of upward and downward trends in oil prices although it depends on economic factors.

“New decisions based on reports of the Monitoring Group may be taken after Vienna meeting of OPEC and non-OPEC countries in May,” the minister stated, noting that new proposals such as keeping oil output at the same level or taking additional measures may be voiced.

“As an oil producing country we are interested in the stability of oil prices,” he said noting that oil $60 will bring a significant benefit to Azerbaijan.

Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals.  The price of a barrel of Azeri Light crude oil increased $0.31 to stand at $54.71 on the world markets on April 6.

The country’s oil output in March 2017 amounted to 733,300 barrels, 40,000 barrels of which accounted for condensate.

The volume of daily production in February amounted to some 776,400 barrels, while the volume of daily export at 604,100 barrels of oil with some 50,000 barrels accounting for condensate and 26,800 barrels fall to a share of oil products. This January, the volume of daily production amounted to some 793,900 barrels, while the daily export was 617,000 barrels.

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 stood 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.

---

Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz   

  • #NATIG ALIYEV

Related News

Azerbaijan giving impetus to ensuring energy stability in Europe <span class="color_red">[UPDATE / PHOTO]</span>

Azerbaijan giving impetus to ensuring energy stability in Europe [UPDATE / PHOTO]

1 June 2017 11:03
Minister: OPEC deal extension meets Azerbaijan’s interests

Minister: OPEC deal extension meets Azerbaijan’s interests

26 May 2017 10:48
Riyadh, Baku eye economic benefits of expanded energy, investment cooperation

Riyadh, Baku eye economic benefits of expanded energy, investment cooperation

27 April 2017 17:42
Azerbaijan’s energy minister due in U.S

Azerbaijan’s energy minister due in U.S

25 April 2017 10:57
Azerbaijan says U.S. should join SGC consultative council meeting

Azerbaijan says U.S. should join SGC consultative council meeting

6 December 2016 15:31
Azerbaijan to join OPEC’s meeting in December

Azerbaijan to join OPEC’s meeting in December

5 December 2016 16:51
Azerbaijan committed to efforts to stabilize oil prices

Azerbaijan committed to efforts to stabilize oil prices

2 December 2016 11:51
Azerbaijan keen to cooperate with OPEC

Azerbaijan keen to cooperate with OPEC

24 November 2016 13:13
Azerbaijan’s energy minister visits Russia

Azerbaijan’s energy minister visits Russia

22 November 2016 12:17
Azerbaijan is interested in closer contact with OPEC - minister

Azerbaijan is interested in closer contact with OPEC - minister

30 October 2016 20:20
  • Latest
  • Popular
17:45 • Gold, silver prices down in Azerbaijan
17:27 • Elchin Azizov to hold master class in Moscow
17:12 • Strong wind expected in Baku
17:00 • Israeli expert: Armenia spent $350 million to mine Azerbaijani territories
16:43 • Azerbaijan allocates $50,000 in aid to Indonesia after deadly earthquake
16:30 • Minister says business environment enters recovery period
16:13 • Azerbaijanis in Boston stage silent protest on Khojaly genocide anniversary
15:52 • Prices for Azerbaijani oil announced
15:35 • Azerbaijan, Iran relations at high level – Iranian official
15:15 • National conductor to join Kharkiv Music Festival
14:50 • Azerbaijan to lay multi-kilometre tunnel to Kalbajar
14:35 • SOFAZ's sales of foreign currency hit $437.3m in February
14:18 • Country registers 352 new COVID-19 cases
13:51 • Azerbaijan shares video from Khojavand's Dudukchu village [VIDEO]
13:27 • Beekeeping to rapidly develop in liberated Azerbaijani lands - Association
13:15 • Assessment of cultural heritage of Azerbaijan's Karabakh must be objective - French MP
13:00 • Azerbaijan boosts non-oil exports by 3.7 pct in January
12:40 • Azerbaijan celebrates Fire Tuesday
12:26 • Azerbaijan, Uzbekistan mull Karabakh peace deal, boosting ties
12:24 • Numerous people take part in online survey on return to Azerbaijan’s Nagorno-Karabakh region
1 March 18:00 • Azerbaijani army's mortar batteries continue live-fire training exercises [VIDEO]
1 March 17:52 • YASHAT foundation sends war veterans to Turkey for treatment [PHOTO]
1 March 17:50 • Russia launches its first Arctic-monitoring satellite
11:17 • Iran interested in rapid revival of liberated territories of Azerbaijan – Iranian Ambassador
10:06 • Azercosmos exports services worth $1.9m in January
10:26 • New service of money transfers between Russia, Azerbaijan launched
13:27 • Beekeeping to rapidly develop in liberated Azerbaijani lands - Association
11:23 • Azerbaijan,Turkey sign protocol of intent on culture co-op [UPDATE]
12:26 • Azerbaijan, Uzbekistan mull Karabakh peace deal, boosting ties
11:50 • Azerbaijan, Belarus discuss military cooperation
13:00 • Azerbaijan boosts non-oil exports by 3.7 pct in January
12:40 • Azerbaijan celebrates Fire Tuesday
12:24 • Numerous people take part in online survey on return to Azerbaijan’s Nagorno-Karabakh region
12:06 • Victory Museum receives first exhibits [PHOTO]
14:50 • Azerbaijan to lay multi-kilometre tunnel to Kalbajar
10:54 • AZERNEWS releases another print issue
14:35 • SOFAZ's sales of foreign currency hit $437.3m in February
13:15 • Assessment of cultural heritage of Azerbaijan's Karabakh must be objective - French MP
13:51 • Azerbaijan shares video from Khojavand's Dudukchu village [VIDEO]
15:52 • Prices for Azerbaijani oil announced
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved