Azerbaijan meets its obligations within OPEC/NOPEC


August 10, Fineko/ The daily volume of oil production in Azerbaijan for July 2018 totaled 773,000 barrels, including 728,000 barrels accounted for crude oil and 45,000 barrels - for condensate.

The Ministry of Energy reports that Azerbaijan again fully fulfilled its obligations under the oil deal.

In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels, in March - 794,000 barrels, in April – 785,700 barrels, in May - 801,000 barrels and in June– 792,000 barrels of oil per day.

OPEC Joint Technical Committee was created on Jan.22, 2017 to monitor the implementation of countries’ commitments to cut oil production.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.