Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Wednesday February 24 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 fulfills its commitments under OPEC+ agreement in January

11 February 2021 13:59 (UTC+04:00)
1 498

By Ayya Lmahamad

Azerbaijan fulfilled its obligations under OPEC+ agreement in January by maintaining its production of crude oil at 593,000 barrels, Energy Ministry has reported.

In January, the country’s daily oil production, including condensate, amounted to 752,000 barrels.

Out of the total daily oil production, crude oil amounted to 593,000 barrels and condensate to 159,000 barrels.

According to the Declaration of Cooperation, Azerbaijan, which produced 718,000 barrels of oil per day in October 2018, should maintain the daily crude oil production at 595,000 barrels by reducing 123,000 barrel in January 2021.

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.

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”, was 123,000 barrels in January 2021. Thus, in January, Azerbaijan has to increase daily oil production by 8,000 barrels and keep production at the level of 595,000 barrels.

Additionally, at the 13th Ministerial Meeting of the OPEC+ countries on January 5, it was decided to continue the existing quotas on daily crude oil production in February-March. . Thus, Azerbaijan has the same commitments as in January for February-March.

---

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

Follow us on Twitter @AzerNewsAz 

  • #AZERBAIJAN ENERGY MINISTRY
  • #OPEC+ AGREEMENT

Related News

Azerbaijan, Germany mull energy cooperation

Azerbaijan, Germany mull energy cooperation

23 February 17:55
Azerbaijan, BP sign MoU on decarbonized energy systems, renewables

Azerbaijan, BP sign MoU on decarbonized energy systems, renewables

23 February 12:13
Azerbaijan, Saudi Arabia mull energy cooperation

Azerbaijan, Saudi Arabia mull energy cooperation

19 February 16:38
Azerbaijan boosts electricity production in January

Azerbaijan boosts electricity production in January

18 February 10:00
Energy Ministry, TAP’s representative mull Azerbaijan’s role in Europe’s energy security

Energy Ministry, TAP’s representative mull Azerbaijan’s role in Europe’s energy security

10 February 13:37
Azerbaijan, Saudi Arabian company mull cooperation on renewables

Azerbaijan, Saudi Arabian company mull cooperation on renewables

9 February 17:32
Azerbaijan to build floating solar power plant

Azerbaijan to build floating solar power plant

8 February 12:23
Italy’s participation in restoration of Azerbaijan’s liberated lands discussed <span class="color_red">[PHOTO]</span>

Italy’s participation in restoration of Azerbaijan’s liberated lands discussed [PHOTO]

2 February 14:47
Azerbaijan, Japan mull green energy concept for liberated lands

Azerbaijan, Japan mull green energy concept for liberated lands

2 February 11:00
Azerbaijan to bring share of renewables in electricity production to 30 pct by 2030

Azerbaijan to bring share of renewables in electricity production to 30 pct by 2030

1 February 11:34
  • Latest
  • Popular
19:00 • Turkmenistan, Turkey sign co-op program for 2021-2022
18:36 • Azerbaijan's Innovation Agency becomes first full-fledged member of IASP in region
18:23 • Oil prices drop on surprise build in U.S. crude stocks
18:10 • Azerbaijani oil prices continue to grow
17:50 • Demand for notes of CBA exceeds supply
17:44 • EU Special Representative Toivo Klaar to visit Georgia and Azerbaijan
17:37 • Azerbaijan to use wastes from Dashkasan ore deposit
17:09 • Large amount of ammunition seized in liberated Jabrayil
16:58 • Azerbaijan participates in IDEX-21 defence expo
16:52 • Azerbaijan releases footage on airstrikes of Su-25 attack on Armenian Armed Forces during Karabakh war [PHOTO/VIDEO]
16:49 • Armenia used Iskander type missile against Azerbaijan, but it did not explode - Armenian PM
16:33 • WHO conducts assessment mission in conflict-affected districts of Azerbaijan
16:24 • Turkish, Azerbaijani and Turkmen FMs adopt joint statement following trilateral meeting [PHOTO]
16:17 • Azerbaijan, Turkey to boost cooperation in insurance field
15:49 • Azerbaijan, Mongolia start first political consultations
15:36 • Azerbaijan discloses statistics of people infected with coronavirus
15:23 • Uzbekistan, Belarus to facilitate organization of direct tourist exchange
15:17 • Armenian army general admits ballistic missile launch on Shusha
15:15 • Azerbaijan investigating tourism potential of liberated lands - State Tourism Agency
14:59 • Azerbaijani Parliament approves MoU on 'Dostlug' field
10:00 • Italian municipalities adopt documents in support of Azerbaijan
11:44 • Twitter removes 35 Armenia-tied accounts created to target Azerbaijan
10:45 • Azerbaijani, Turkish FMs mull new regional realities, Karabakh peace deal
10:37 • National judokas to compete at Tashkent Grand Slam 2021
12:12 • Hungarian companies to participate in restoration of Azerbaijan's liberated lands
12:38 • National chess players to compete at European Cup
11:00 • Water Tuesday celebrated in Nagorno-Karabakh region
12:59 • AzSTC to publish pearls of world literature
13:31 • Volume of transit cargo between Azerbaijan, Argentine hits 28 tons in 2020
11:37 • Azerbaijan suspends import of poultry products from regions of Iran, Scotland
13:17 • Armenian police detain about 60 protesters demanding PM's resignation
15:17 • Armenian army general admits ballistic missile launch on Shusha
10:15 • First VP Mehriban Aliyeva expresses condolences to family of People’s Artist
16:49 • Armenia used Iskander type missile against Azerbaijan, but it did not explode - Armenian PM
15:49 • Azerbaijan, Mongolia start first political consultations
09:50 • Azerbaijani president congratulates new Georgian PM
14:20 • Azerbaijan's Parliament increases rates for some excisable goods
14:00 • New theater established in Ganja
16:52 • Azerbaijan releases footage on airstrikes of Su-25 attack on Armenian Armed Forces during Karabakh war [PHOTO/VIDEO]
14:43 • Young musicians awarded in Italy [PHOTO]
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved