13:02 - 6.12.2017

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December 6, Fineko/abc.az. Azerbaijan has published information on daily oil production in accord with the Vienna OPEC/NOPEC agreement on oil production reduction.

The Ministry of Energy reports that daily volume of oil production in Azerbaijan in November 2017 totaled 790,700 barrels.

"In Azerbaijan daily oil production in October amounted to 790,700 barrels, including 735,800 barrels accounted for crude oil and 54,900 barrels for condensate," the Ministry said.

Daily volume of crude oil export from Azerbaijan in November of current year reached 643,400 barrels, 54,900 barrels of condensate and 15,000 barrels of petroleum products.

According to the agreement, Azerbaijan undertook to cut its own oil production by 35,000 bpd.

In January 2017 Azerbaijan's daily oil production totaled 793,900 barrels, in February 776,400 barrels, in March 733,300 barrels, in April 781,100 barrels, in May 785,300 barrels, in June 793,700 barrels, in July 796,700 barrels, in August 734,800 barrels, in September 785,700 barrels, and in October 800,600 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. 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.