18:01 - 30.04.2020

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April 30, Fineko/abc.az. Within the framework of OPEC+ the State Oil Company of Azerbaijan will undertake measures on temporary cuts in oil production in Azerbaijan.

ABC.AZ reports with reference to SOCAR that under the terms of the OPEC+ agreement, the temporary production cuts covers three periods: 1st period -from May to June 2020, the 2nd period - from July to December 2020 and 3rd period from January 2021 to April 2022.

Within the 1st period it is planned to cut the oil production in high proportions and in subsequent periods – restore it gradually.

According to the international agreement, in May and June 2020 the daily oil production on Azerbaijan should not exceed 554,000 barrels, in July-December – 587,000 barrels and in January 2021 - April 2022 – 620,000 barrels.

These indicators concern only crude oil production. The restrictions do not cover gas condensate production.