Azerbaijan fulfills its obligations under OPEC+ deal

Azerbaijan fulfills its obligations under OPEC+ deal

Daily oil production (together with condensate) in Azerbaijan amounted to 686,200 barrels in November 2020, according to the Azerbaijani Energy Ministry.

According to the ministry, 587,000 barrels of this volume accounted for crude oil and 99,200 barrels - for condensate, TASS reported.

According to the ’Declaration of Cooperation’, in October 2018, Azerbaijan, with daily crude oil production of 718,000 barrels, had to maintain crude oil production in August-December of this year of 587,000 barrels per day, reducing the production of crude oil by 131,000 barrels.

The OPEC+ agreement of April 12 provides for the daily production of a total of 7.7 million barrels.

According to the decision taken on December 3, 2020, at the 12th meeting of the OPEC+ ministers, the daily crude oil production in January 2021 by OPEC+ countries will amount to 7.2 million tons. Azerbaijan will cut production by 123,000 barrels. Thus, in January 2021, the proposed daily oil production for Azerbaijan is set at 595,000 barrels.