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Country fulfills its obligations under OPEC+ agreement

8 October 2020 12:55 (UTC+04:00)
Country fulfills its obligations under OPEC+ agreement

By Ayya Lmahamad

Azerbaijan fulfilled its obligations under OPEC+ agreement in September 2020, Energy Ministry has reported.

The daily oil production in the country, including condensate, amounted to 653,500 barrels.

Out of total daily oil production, crude oil accounts for 585,000 barrels and condensate for 68,500 barrels.

Moreover, Azeri-Chirag-Guneshli block of fields accounted for 460,000 barrels out of total crude oil production while SOCAR (Azneft PU, JV and Affiliated Companies) for 125,0000 barrels.

Thus, Azerbaijan reduced its daily crude oil production by 133,000 barrels in September within the procces of reduction by 7.7 million barrels of the level of daily oil production recorded in October 2018 under the OPEC+ agreement.

According to the “Declaration on Cooperation”, Azerbaijan which produced 718,000 barrels of crude oil per day in October 2018, should reduce the daily crude oil production by 131,000 barrels and maintain it at 587,000 barrels during the period of August-December of the current year.

It should be noted that in order to fulfill the obligations, the daily crude oil production should be reduced from the levels recorded in October 2018, i.e. from 567,000 barrels to 461,000 barrels at Azeri-Chirag-Guneshli block of fields, and from 151,000 to 126,000 barrels at SOCAR (Azneft PU, JV and Affiliated Companies).

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.

On July 31, the first phase of the OPEC+ agreement of April 12 to reduce daily oil production by 9.7 million barrels was completed.

In the second phase of the agreement, covering the period from August 1 to December 31, the daily production of crude oil in OPEC+ countries will be reduced by 7.7 million barrels, which is 18 percent less than in October 2018.

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