Azerbaijan meets its obligations within OPEC/NOPEC

16:03 - 10.05.2018


May 10, Fineko/abc.az. The daily volume of oil production in Azerbaijan for April 2018 totaled 785,700 barrels, including 755,700 barrels of crude oil and 30,000 of gas condensate.

The Ministry of Energy reports that in accord with the agreement with OPEC/NOPEC Azerbaijan has undertaken to keep its daily oil production at the level of 834,000 bpd.

“The daily volume of crude oil exports from Azerbaijan in January of the year reached 814,600 barrels, in February 806,000 barrels and 794,000 barrels in March. In 2017 average daily production reached 781,900 barrels,” the MoE said in a statement.

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. 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.

 

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