Azerbaijan meets its obligations within OPEC/NOPEC


July 12, Fineko/ Azerbaijan’s daily oil production in June 2018 totaled 792,000 barrels, including 739,000 barrels of crude oil and 53,000 barrels of condensate.

The Ministry of Energy reports that 622,000 barrels of crude oil, 53,000 barrels of condensate and 12,000 barrels of petroleum products were exported daily.

Crude oil production in Azerbaijan for January 2018 reached 814,600 bpd, for February 806,000 bpd, for March 794,000 bpd, for April 785,700 bpd, for May 801,000 bpd. In 2017, daily production averaged 781,900 barrels.

On 10 December 2016, the OPEC/NOPEC Ministerial Meeting was held. Following the meeting, the countries signed an agreement on the agreed reduction of oil production. The reduction of 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 by 558,000 bpd. At the same time, Azerbaijan has committed to reduce the daily volume of oil production by 35,000 barrels. The agreement was signed for the 1st half of 2017 and provided for the possibility of extending its terms.

The OPEC/NOPEC countries agreed to extend the agreement by 9 months (until the end of March 2018) during the 172nd Ministerial Meeting in Vienna on 25 May 2017. During the 173rd Ministerial Meeting in Vienna on 30 November 2017 the sides agreed to extend this agreement until the end of 2018.