12:46 - 11.12.2018

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December 11, Fineko/abc.az. The daily oil production in Azerbaijan for November reached 801,000 bpd (783,000 barrels in October), including 733,000 bpd of crude and 68,000 bpd of condensate.

The Ministry of Energy reports that 605,000 bpd of crude, 68,000 bpd of condensate and 6,000 bpd of petroleum products were exported daily in November.

Azerbaijan’s crude oil production totaled 814,600 bpd in January, 806,000 bpd in February, 794,000 bpd in March, 785,700 bpd in April, 801,000 bpd in May, 792,000 bpd in June, 773,000 bpd in July, 774,000 bpd in August, 796,000 bpd in September, and 783,000 bpd in October of 2018.

In 2017 average daily production reached 781,900 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. At the same time, Azerbaijan has pledged to reduce daily oil production by 35,000 barrels. The agreement was concluded for the 1st half of 2017 and envisaged the possibility of extending its term.

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

On 7 December 2018 in Vienna the OPEC member states agreed to cut oil production by 1.2 million barrels. Azerbaijan has undertaken to reduce daily oil production by 20,000 barrels.