Energy Ministry: daily production in Azerbaijan for February reached 806,000 barrels


March 12, Fineko/ The daily volume of oil production in Azerbaijan for February 2018 totaled 806,000 barrels.

The Ministry of Energy reports that daily volume of oil production in Azerbaijan for the past month amounted to 806,000 barrels, including 751,000 barrels accounted for crude oil and 55,000 barrels for gas condensate.

In accord with the agreement with OPEC/NOPEC Azerbaijan has undertaken to keep its daily oil production at the level of 834,000 bpd.

"Thus, in February 2018 Azerbaijan fulfilled its obligations on reduction of production cuts within OPEC/NOPEC," the Ministry said.

According to the Ministry, in 2017 country’s average daily oil production amounted to 781,900 barrels. In January 2018 daily oil production in Azerbaijan totaled 814,600 tons.

The Ministry also reported that daily volume of crude oil exports from Azerbaijan in February of the year reached 621,300 barrels, 55,000 barrels of condensate and 20,400 barrels of oil products.

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.