Azerbaijan starts to fulfill commitments under OPEC+ agreement

  08 May 2019    Read: 1489
  Azerbaijan starts to fulfill commitments under OPEC+ agreement

Since April 2019, Azerbaijan has started fulfilling its commitments under the OPEC+ agreement, Azerbaijani Energy Minister Parviz Shahbazov told reporters in Baku at the National Oil Committee meeting.

Azerbaijan agreed to cut daily oil production to 776,000 barrels as part of the OPEC+ agreement. However, the average daily oil production reached 793,000 barrels in January, 806,000 barrels in February and 798,000 barrels in March.

At a press conference following the meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku in March 2019, Shahbazov said that the indicators of Azerbaijan’s compliance with the OPEC+ agreement to reduce oil production will be even better.

"For two and a half years Azerbaijan has exceeded its obligations under the OPEC+ agreement. Last December, we made new commitments. We remain committed to our obligations. Following the results of the 1H2019, Azerbaijan will completely fulfill its obligations under OPEC+. Next month there will be even better results," the minister said.

An agreement was reached to reduce daily oil production by 1.2 million barrels at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December 7, 2018.

As part of the agreement, Azerbaijan has reduced daily production by 20,000 barrels since January 1, 2019.

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