Azerbaijan to lower daily oil production by 131,000 bpd as well


April 10, Fineko/abc.az. A decision has been taken to cut OPEC+ daily oil production by 8 million barrels for July-December 2020 that is by 18% more against October 2018.

ABC.AZ reports that the agreement was reached at a meeting of the OPEC ministers in a videoconference format.

At the same time, quotas on OPEC are set at 4.868 million bpd, and on non-OPEC countries at 3.132 million barrels.

During this period Azerbaijan will have to maintain daily production at the level of 587,000 barrels, reducing it by 131,000 barrels.

The Declaration of cooperation reflects a reduction in OPEC+ daily oil production from January 2021 to April 2022 by 6 million barrels, which is 14% of the level of October 2018. During this period the production commitments are expected to be 3.65 million barrels for OPEC and 2.394 million barrels for non-OPEC countries. Azerbaijan will have to cut production by 98,000 barrels over the same period and maintain production by 620,000 barrels. Along with OPEC+ countries, Canada, Norway, Argentina, Brazil, Colombia, Chad, Egypt, Indonesia, and Trinidad and Tobago participated in the videoconference for the first time. The meeting also called on oil countries outside the OPEC+ format to join the process.