By Ayya Lmahamad
Azerbaijan’s daily oil production amounted 771.400 barrels in April 2020, Ministry of Energy reported on May 12.
Of these, 679.800 barrels were crude oil and 91.600 barrels were condensate.
According to the information, 640.300 barrels of crude oil, 86.000 barrels of condensate and 23.600 barrels of oil products were exported daily.
Note that OPEC countries and non-members of the cartel, including Azerbaijan, represented in OPEC+ format, were released from production limitation obligations in April.
Azerbaijan joined the Declaration on Cooperation adopted following the OPEC+ ministerial meetings on April 9 and April 12, 2020, which envisages reduction of daily crude oil production by 9.7 million barrels in May-June, by 7.7 million barrels in July-December and by 5.8 million barrels during the period January 2021 to April 2022.
Under the new agreement, Azerbaijan, which produced 718,000 bpd of crude oil in October 2018, should reduce production by 164,000 barrels in May-June. During this period, Azerbaijan must maintain daily oil production at 554,000 barrels.
Azerbaijan's commitment was set at 131,000 barrels in July-December and 98,000 barrels from January 2021 to April 2022. According to the quotas, the daily oil production in our country should not exceed 587,000 barrels from 1 July to the end of the year and 620,000 barrels in January-April 2021.
Since May 1, Azneft's joint ventures and operating companies have been carrying out the process of daily production decline at Azeri-Chirag-Guneshli fields.
Follow us on Twitter @AzerNewsAz