Azerbaijan Energy Ministry attends OPEC technical seminar

13 July 2020 17:05 (UTC+04:00)

2 469

By Ayya Lmahamad

The delegation of the Azerbaijani Energy Ministry has attended an online seminar on “The use of secondary sources for OPEC Crude Oil Production Assessment” that was also attended by Secretary General of the Organization of the Petroleum Exporting Countries Mohammad Sanusi Barkindo, Energy ministry has reported.

High on the agenda of the seminar was an exchange of opinions on the methodology of calculation of crude oil production indicators with representatives of secondary information providers.

Moreover, presentations of such international organizations and agencies as the International Energy Agency, Argus, Platts, PIW and IHS- Markit were given.

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.

According to the “Declaration on Cooperation”, Azerbaijan produced 718,000 barrels of crude oil per day in October 2018, while in May-July this year the country must maintain the average daily production of crude oil at 554,000 barrels. In June Azerbaijan fully fulfilled its obligations under OPEC+ deal.

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

---