Thursday, 14 November 2019 12:58

Azerbaijan over-fulfils obligations towards OPEC

Average daily oil production totaled 718,000 barrels in October. Of this volume, 644,000 barrels account for oil and 74,000 barrels account for condensate. The country is exporting 569,000 barrels of crude oil and 76,000 barrels of condensate per day. 

Based on the agreement on maintenance of daily oil production at the rate of 776,000 barrels, Azerbaijan has fulfilled its commitment on reducing production by 20,000 barrels per day. Average daily oil production totaled 762,000 barrels during January-October of this year.

In October, the Ministry of Energy presented data on daily oil production to the Joint Technical Commission of the United Monitoring Committee of OPEC.

The declaration on cooperation, signed on December 7, 2018 in order to reduce daily production of OPEC plus by 1.2 million barrels, was extended from July 1 till the end of the first quarter of 2020.

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