Crude oil production in Azerbaijan per day should be cut


June 9, Fineko/abc.az. According to the Declaration on Cooperation, Azerbaijan, whose daily crude oil production for October 2018 was in the amount of 718,000 bpd, in May-June-July of this year should maintain it in the amount of 554,000 bpd, ABC.AZ was informed at the Ministry of Energy.

According to the MoE, in order to meet the obligations, the country should reduce crude oil production from the October 2018 figure - from 567,000 barrels to 434,000 bpd at Azeri-Chirag-Guneshli, and SOCAR from 151,000 bpd to 120,000 bpd.

It should be noted that the agreement adopted on 12 April at the 10th meeting of the OPEC+ Ministers provides for a reduction in daily crude oil production in May and June by 9.7 million barrels and in Azerbaijan by 164,000 barrel.

At the 11th meeting of the Ministers of OPEC and non-OPEC countries, held on 6 June a decision was made to extend the term of those quotas for another month - until the end of July.