17:53 - 10.09.2018

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September 10, Fineko/abc.az. Daily production amounted to 774,000 barrels in Azerbaijan for August 2018.

The Ministry of Energy informs that out of this amount, 716,000 barrels accounted for crude oil and 58,000 barrels for condensate.

"Azerbaijan’s daily oil production totaled 814,600 barrels in January, 806,000 barrels in February, 794,000 barrels in March, 785,700 barrels in April, 801,000 barrels in May, 792,000 barrels in June, and 773,000 barrels in July," it was reported.

Daily export of crude oil from Azerbaijan for August 2018 reached 641,000 barrels, condensate 58,000 barrels and petroleum products 19,000 barrels.

On 10 December 2016 the OPEC/NOPEC Ministerial Meeting was held. Following the meeting, the countries signed an agreement on the agreed reduction in oil production. The reduction in production for the OPEC countries is about 1.2 million bpd that  conforms to the level of production of 32.5 million bpd. The NOPEC countries reduce oil production to 558,000 bpd. At the same time, Azerbaijan has undertaken to reduce daily oil production by 35,000 barrels. The agreement was concluded for the first half of 2017 and envisaged a possibility of extending its terms.

During the 172nd Ministerial Meeting in Vienna on 25 May 2017 the OPEC/NOPEC states agreed to extend the above-said agreement by 9 months (until the end of March 2018). During the 173rd Ministerial Meeting in Vienna on 30 November 2017, the states agreed to extend this agreement until the end of 2018.