Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Wednesday January 27 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Azerbaijan’s daily oil production to remain unchanged in Jan-Feb

7 January 2021 12:45 (UTC+04:00)
1 550

By Ayya Lmahamad

Azerbaijan will continue its commitment to produce 123 thousand barrels of oil daily in February-March in line with the OPEC agreement, the country’s Energy Ministry has reported.  

Azerbaijan had the same commitment in January. In addition, in the next two months, the country will increase its daily crude oil production by 8,000 barrels and keep production at the level of 595,000 barrels.

The decision to continue with the existing quotas on daily crude oil production for the period of February-March, was made during the 13th Ministerial Meeting of the OPEC+ countries on January 5.

According to the new agreement, OPEC+ countries’ daily crude oil production will be 7.1 million barrels in February and 7 million barrels in March.

During the meeting, Azerbaijan Energy Minister Parviz Shahbazov noted that the uncertainty arising from the pandemic continues to pressure the oil market and that the demand is recovering weaker than expected.

“The main goal for us is to ensure and maintain the balance of supply and demand in the market. Therefore, I think that the transition from a sharp reduction in production to an increase should be gradual and cautious,” the minister stated.

Moreover, during the meeting, Azerbaijan’s contribution to the achievement of this agreement between the OPEC+ countries, a continuation of the dialogue in order to establish stability in the oil market and reaching the agreement between the parties was highly appreciated.

In April 2020, OPEC and non-OPEC countries entered into an agreement on the 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.

Additionally, at the 12th Ministerial Meeting of OPEC and non-OPEC countries, it was decided to reduce the daily production of crude oil by 7.2 million barrels in January 2021 and to regulate the increase in daily production provided, that it does not exceed 0.5 million barrels, through monthly OPEC+ Ministerial Meetings. Azerbaijan’s commitment, according to the new “Declaration on Cooperation”, will be 123,000 barrels in January 2021. Thus, in January, Azerbaijan must increase daily oil production by 8,000 barrels and keep production at the level of 595,000 barrels.

---

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

Follow us on Twitter @AzerNewsAz 

  • #AZERBAIJAN ENERGY MINISTRY
  • #OPEC+ AGREEMENT
  • #PARVIZ SHAHBAZOV

Related News

Azerbaijani-Turkish cooperation changing world’s energy map

Azerbaijani-Turkish cooperation changing world’s energy map

25 January 13:59
Liberation of Azerbaijan’s territories to open new opportunities for regional development

Liberation of Azerbaijan’s territories to open new opportunities for regional development

21 January 13:36
Energy Ministry, Turkic Council mull energy cooperation <span class="color_red">[PHOTO]</span>

Energy Ministry, Turkic Council mull energy cooperation [PHOTO]

21 January 12:59
Azerbaijan's contribution allows reducing greenhouse gas emissions - minister

Azerbaijan's contribution allows reducing greenhouse gas emissions - minister

19 January 18:39
Envoy: Japan eyes participation in restoring Azerbaijan’s liberated lands <span class="color_red">[PHOTO]</span>

Envoy: Japan eyes participation in restoring Azerbaijan’s liberated lands [PHOTO]

19 January 17:14
Azerbaijan eyes establishing green energy zone in liberated lands

Azerbaijan eyes establishing green energy zone in liberated lands

19 January 13:21
Azerbaijan’s electricity production hit 25.8bn kWh in 2020

Azerbaijan’s electricity production hit 25.8bn kWh in 2020

18 January 11:32
Int'l structures willing to cooperate for 'Green Energy Zone' in Azerbaijan's Karabakh (PHOTO) <span class="color_red">(PHOTO)</span>

Int'l structures willing to cooperate for 'Green Energy Zone' in Azerbaijan's Karabakh (PHOTO) (PHOTO)

16 January 16:44
Azerbaijan fulfills its commitments under OPEC+ agreement in December

Azerbaijan fulfills its commitments under OPEC+ agreement in December

12 January 13:24
Azerbaijan boosts gas export by 16.9 pct in 2020

Azerbaijan boosts gas export by 16.9 pct in 2020

11 January 13:19
  • Latest
  • Popular
10:47 • Russian envoy summoned over MP’s anti-Azerbaijani remarks
10:45 • Demining of Azerbaijan's liberated lands continues [VIDEO]
10:30 • Azerbaijan shows footage from Gubadly district's Damirchilar village [PHOTO/VIDEO]
10:15 • FIG cancels Artistic Gymnastics World Cup in Baku
10:00 • AzerGold attracts $109.7m to Azerbaijan's economy in 2020
26 January 20:00 • Russia and Iran open to discuss Karabakh issue
26 January 19:44 • Access Bank eyes creating bank branches in Azerbaijani lands liberated from occupation
26 January 19:43 • Clearing of mines, unexploded ordnance continuing in liberated Fuzuli district [PHOTO/VIDEO]
26 January 19:36 • Armenian Armed Forces blew up bridges, destroyed roads retreating during second Karabakh War
26 January 19:24 • Gold price increases in Azerbaijan
26 January 19:05 • Turkish investments in Azerbaijan's Karabakh to favor opening new jobs - expert
26 January 18:57 • Prices for Azerbaijani oil revealed
26 January 18:44 • Azerbaijan Airlines increases flights number on Baku-Nakhchivan route
26 January 18:33 • Tax exemptions on wheat imports, sales may be extended in Azerbaijan
26 January 18:16 • Colonel talks restored and built roads in liberated lands of Azerbaijan
26 January 18:00 • Thousands of hectares of cultivatable lands demined in Azerbaijan's liberated districts
26 January 17:54 • Senior officers unveil details of demining operations in liberated lands
26 January 17:49 • Azerbaijani banks buy more foreign currency at CBA's auction
26 January 17:35 • Baku awaits foggy weather
26 January 17:24 • BakuBus LLC transferred to Azerbaijan Investment Holding
26 January 20:00 • Russia and Iran open to discuss Karabakh issue
26 January 19:44 • Access Bank eyes creating bank branches in Azerbaijani lands liberated from occupation
26 January 17:00 • Some 27 engineering troops servicemen killed in Karabakh war
26 January 11:15 • Baku slams Russian MP's anti-Azerbaijani remarks
26 January 13:17 • Anglo Asian Mining restores its contract areas in Azerbaijan’s liberated territories
26 January 19:43 • Clearing of mines, unexploded ordnance continuing in liberated Fuzuli district [PHOTO/VIDEO]
26 January 11:00 • Azerbaijan's cargo transportation via TRACECA hits 35.5m tons in 2020
26 January 19:36 • Armenian Armed Forces blew up bridges, destroyed roads retreating during second Karabakh War
26 January 12:40 • Azerbaijan files criminal case over its citizen's killing in pirate attack on Turkish ship
26 January 15:38 • Carpet Museum to host international conference
26 January 13:00 • Azercell expanded the coverage of the LTE network to more than 85% of the country's territory last year
26 January 19:05 • Turkish investments in Azerbaijan's Karabakh to favor opening new jobs - expert
26 January 12:15 • Culture Ministry calls for talented filmmakers
26 January 17:54 • Senior officers unveil details of demining operations in liberated lands
26 January 11:54 • Azerbaijan to create Karabakh development model - Center for Analysis of Economic Reforms
26 January 15:19 • Azerbaijan Georgia’s main bitumen supplier in 2020
26 January 16:00 • Azerbaijan and ICESCO. New partnership prospects.
26 January 13:40 • IDEA starts exports to Qatari company
26 January 14:50 • Azerbaijan-Belarus trade turnover soars in 2020
26 January 13:53 • President Aliyev receives new minister of transport, communications and high technologies [UPDATE]
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved