Azerbaijan`s oil production totaled 776,000 bpd in May

11.06.2019,11:30


June 11, Fineko/abc.az. The daily volume of oil production in Azerbaijan for May 2019 totaled 776,000 barrels, including 699,000 barrels of crude oil and 77,000 of gas condensate.

The Ministry of Energy reports that the average daily oil production of Azerbaijan reached 771,200 bpd for Jan-May 2019.

“In May the country exported 494,000 barrels of crude, 75,000 barrels of condensate and 14,000 barrels of petroleum products,” the Ministry said.

Within the OPEC+ agreement Azerbaijan has undertaken to reduce oil production by 20,000 bpd to 776,000 bpd starting from 2019.

"Azerbaijan meets fully its commitments within the framework of the OPEC+ agreements," the MoE said.

As a whole, in 2018 the daily oil production reached 792,600 barrels and in 2017 - 781,900 barrels.

The OPEC/NOPEC Ministerial Meeting was held on 10 December 2016. Following the meeting the countries signed an agreement on the coordinated reduction of oil production. The reduction of oil production for OPEC countries is about 1.2 million bpd that conforms to the level of production of 32.5 million bpd. The non-OPEC countries reduce oil production by 558,000 bpd. At the same time, Azerbaijan undertook to cut the daily oil production by 35,000 bpd. The agreement was concluded for the 1st half of 2017 and envisaged the possibility of extending its term.

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

On 7 December 2018 in Vienna the OPEC states agreed on oil production cuts by 1.2 million barrels. Azerbaijan undertook to cut oil production by 20,000 bpd.