News dalla rete ITA

8 Febbraio 2018

Azerbaijan

AZERBAIJAN FULFILLS ITS OBLIGATIONS ON OPEC+ DEAL IN JANUARY 2018

Azerbaijan has fulfilled its obligations in January on the Vienna agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries. The Energy Ministry has submitted information on daily oil production in Azerbaijan during January 2018, to the Joint Technical Commission of Joint Monitoring Committee. According to the information, daily 814.6 thousand barrels of oil were produced in the country in January, 2018. 759,7 thousand barrels of this volume were crude oil and 54,9 thousand barrels of condensate. Daily 624,2 thousand barrels of crude oil, 54,9 thousand barrels of condensate, 14,3 thousand barrels of oil products were exported. Under the agreement, daily oil production in Azerbaijan amounts 834 thousand barrels in 2018, while 781,9 thousand barrels during 2017. Azerbaijan was repeatedly announced as a leading country by OPEC that actively implements its commitments among participants so far. Notably, on November 30, 2016, OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Ministerial Council on May 25, 2017, OPEC and non-OPEC states agreed to extend the contract on oil production cut till the end of I quarter, 2018. (ICE BAKU)