Azernews.Az

Thursday March 28 2024

Azerbaijan fulfills its obligations under OPEC+ agreement in October

10 November 2020 15:15 (UTC+04:00)
Azerbaijan fulfills its obligations under OPEC+ agreement in October

By Ayya Lmahamad

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

In October, the daily oil production, including condensate in the country amounted o 675,200 barrels.

Out of total daily oil production, crude oil accounts for 587,000 barrels and condensate for 88,500 barrels.

It was noted that according to the “Declaration on Cooperation”, Azerbaijan, which produced 718,000 barrels of crude oil per day in October 2018, should maintain its production of crude oil at 587,000 barrels during the period of August-December, reducing by 131,000 barrels per day.

Thus, in October, Azerbaijan fulfilled its obligations under OPEC+ agreement with an average daily production of 587,000 barrels.

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.

---

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more