Azerbaijan fully complies with OPEC deal
By Kamila Aliyeva
Azerbaijan has presented data on the daily oil production in the country in April to the joint technical commission of the OPEC monitoring committee within the framework of the Vienna agreement on production reduction, the Azerbaijani Energy Ministry told Trend on May 5.
In April, the daily oil production in Azerbaijan amounted to 781,100 barrels, 54,300 barrels of which fell on condensate. Every day 601,600 barrels of oil, 54,300 barrels of condensate and 19,000 barrels of oil products were exported.
The ministry stressed that Azerbaijan completely fulfills its obligations to reduce production by 35,000 barrels per day.
"In January of this year Azerbaijan produced 793,900 barrels of oil per day, in February – 776,400 barrels, and in March – 733,300 barrels per day," the ministry said.
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 decreased $1.46 to stand at $49.79 on the world markets on May 5.
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.
Decision on the prolongation of agreement is expected to be made at the 172nd meeting of the OPEC Council of Ministers scheduled for May 25 in Vienna.
The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.
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.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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