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Azerbaijan fulfills obligation in May within OPEC+ deal

9 June 2020 15:14 (UTC+04:00)
Azerbaijan fulfills obligation in May within OPEC+ deal

By Ayya Lmahamad

Azerbaijan fulfilled more than 98 percent of its obligations within OPEC+ deal in May, the press service of the Ministry of Energy reported on June 9.

In May, the average daily production of oil (with condensate) was 650,000 barrels, including 557,200 barrels of crude oil and 92,800 barrels of condensate.

According to the statement, 437,600 barrels of crude oil was produced from Azeri-Chirag-Guneshli field, and 119,600 barrels from SOCAR projects.

As reported earlier, in May Azerbaijan reduced average daily crude oil production by 160,800 barrels within OPEC+ deal.

In accordance with the “Declaration of Cooperation” in May-July this year, Azerbaijan must maintain the average daily production of crude oil at 554,000 barrels. In order to fulfill the obligation it is necessary to reduce the average daily production on ACG field from 567,000 to 434,000 barrels, and on SOCAR projects from 151,000 to 120,000 barrels.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota by another month - until the end of July.

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