Energy Ministry: Azerbaijan fulfills its obligations within OPEC/NOPEC deal


February 6, Fineko/ Azerbaijan’s daily oil production for January 2018 amounted to 814,600 barrels, including 759,700 barrels of crude oil and 54,900 barrels of condensate.

The Ministry of Energy informs that in accord with the agreement Azerbaijan undertook to keep the daily volume of oil production at the level of 834,000 bpd.

"The daily volume of crude oil export from Azerbaijan in January 2018 reached 624,200 barrels, 54,900 barrels of condensate and 14,300 barrels of petroleum products," the Ministry reported.

The OPEC/NOPEC Ministerial Meeting was held on 10 December 2016. Following the meeting the countries signed an agreement on the agreed reduction in oil production. The reduction in production for the OPEC countries is about 1.2 million bpd that makes production of 32.5 million bpd. The NOPEC countries reduce oil production by 558,000 bpd. At the same time, Azerbaijan has undertaken to reduce daily oil production by 35,000 barrels. The agreement was concluded for the 1st half of 2017 and envisaged a possibility of its extension.

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