Azerbaijan lowered crude oil production by 133,000 bpd

17:07 - 7.10.2020


October 7, Fineko/abc.az. Azerbaijan reduced crude oil production by 133,000 bpd in September as part of the process of daily oil production cuts within OPEC+ to the level of October 2018 by 7.7 million barrels.

ABC.AZ was informed at the Ministry of Energy that Azerbaijan, having fulfilled the OPEC+ commitment in September, according to the Declaration on Cooperation, which produced 718,000 barrels of crude oil per day in October 2018, should reduce crude oil production by 131,000 bpd to 587,000 barrels in August-December 2020.

To fulfill the obligations the daily oil production should be reduced from the levels of October 2018 – from 567,000 barrels to 461,000 barrels on ACG, and from 126,000 barrels to 151,000 barrels on SOCAR (Azneft).

 

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