Azernews.Az

By Sara Israfilbayova

Azerbaijan continues to fulfill its obligations on oil production reduction by 35,000 barrels per day under the output cut deal.

The country has presented its data on daily oil output for June to the OPEC Joint Technical Commission under the Monitoring Committee, the Azerbaijani Energy Ministry told Trend on July 3.

Daily oil production in Azerbaijan amounted to 793,700 barrels in June, 55,000 barrels of which fell on condensate. Every day 624,100 barrels of oil, 55,000 barrels of condensate and 21,400 barrels of oil products were exported.

The country produced 793,900 barrels of oil per day in January 2017, 776,400 barrels per day – in February, 733,300 barrels per day – in March and 781,100 barrels per day – in April, 785,300 barrels per a day – in May.

The Joint Technical Commission was established on January 22 under the Monitoring Committee in order to monitor the countries' fulfillment of their obligations to reduce oil production.

OPEC and other major oil producers such as Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan reached an agreement in December 2016 to remove 1.8 million barrels a day from the market.

OPEC and its partners decided to extend its production cuts till March 2018 in Vienna on May 25, 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.

Next meeting of a monitoring committee on the oil production cut will be held in St. Petersburg on July 24.

Earlier, Alexander Novak [Minister of Energy of Russia] and Mohammed Sanusi Barkindo [Secretary General of OPEC] discussed the possibility of holding ministerial meetings on a permanent basis in the countries of the cartel and outside OPEC.

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