16:13 - 14.04.2020

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April 14, Fineko/abc.az. Oil producing companies operating in Azerbaijan support the country's decision to reduce oil production within the framework of OPEC+ obligations.

ABC.AZ reports that Azerbaijan's obligations will be distributed in accordance with the percentage of daily oil production cuts from the 2018 indicator and with taking into account the companies' production volumes.

This time the quotas for production restrictions in OPEC and non-OPEC countries include only the volume of crude oil and do not take into account the volume of condensate.

With this in mind, for May and June 2020 Azerbaijan should cut oil production by 23% of this figure, i.e. by 164,000 b/d, to 554 b/d, for July-December 2020 by 18% or by 131,000 b/d, to 587,000 b/d, in the period from January 2021 to April 2022 by 14% or by 98,000 b/d, to 620,000 b/d.