Azernews.Az

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 654,000 barrels in September 2022, Azernews reports, citing the Energy Ministry.

Out of the total daily oil output, crude oil amounted to 543,000 barrels and condensate to 111,000 barrels.

The agreement reached during the 30th Ministerial Meeting of OPEC+ envisages reaching the daily crude oil production to 717,000 barrels in Azerbaijan in August.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil output volumes.

At the 19th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021 and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production from May 2022.

From May 2022 till the end of the year, the calculation of Azerbaijan's oil production obligations is to be continued on the basis of the existing level.

Additionally, Azerbaijan has supported the decision of OPEC plus to cut daily crude oil output by 2m barrels from November 2022 taken during the 33rd Ministerial Meeting of OPEC and non-OPEC members. The new commitments of the participating countries of the Declaration of Cooperation were determined based on their quotas in August 2022. The term of the agreement was extended until December 31, 2023.

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

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