Caspian Energy Journal Caspian European Club
Wednesday, 13 June 2018 12:35

OPEC reads out data about Azerbaijani oil production

OPEC reads out data about Azerbaijani oil production

Daily oil production in Azerbaijan totaled 801 thousand barrels in May, Caspian Energy News ( reports with reference to the official website of the Ministry of Energy of the Azerbaijan Republic.

748 thousand barrels out of produced oil fell to the share of crude oil. Condensate accounted for 53 thousand. Daily export of crude oil, condensate and oil products totaled 635 thousand barrels, 53 thousand barrels and 17.8 thousand barrels respectively. The Ministry noted that Azerbaijan has once again fully fulfilled its obligations assumed on basis of the Vienna agreement on oil production cut.

The joint technical commission was created on January 22, 2017 under the monitoring committee established to control the fulfillment of obligations on oil production cut, assumed by the countries.

It is noteworthy that 11 non OPEC member countries (including Azerbaijan) agreed to cut production by 558 thousand barrels per day at the Vienna meeting. The signed agreement applied to the first half of 2017 and was prolonged till the end of the first quarter of 2018 at the meeting held on May 25, 2017. At the OPEC’s latest session held in Vienna, the agreement was once again extended till the end of 2018. Azerbaijan joined this decision.

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Person in charge of the newsline: Fidan Isayeva

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