Azerbaijan fulfils its obligation to "OPEC+" in June

  09 July 2020    Read: 1447
  Azerbaijan fulfils its obligation to "OPEC+" in June

Azerbaijan produced 558,8 barrels of crude oil per day in June 2020, Ministry of Energy told

Of this, crude oil 434.7 thousand barrels of the total 558,8 thousand barrels of crude oil were extracted from Azeri-Chirag-Guneshli field, 119.1 thousand were produced by SOCAR company (Azneft Production Unit (PU), JV and Operation Company (OC)).

According to the report, within the framework of the process of reduction by 9.7 mln. barrels of the level of daily oil production recorded in October 2018 under the OPEC+ agreement, Azerbaijan reduced daily crude oil production by 164,2 thousand barrels in May. Consequently, Azerbaijan fulfilled its obligation in the volume of 164 thousand barrels in June.

According to the Cooperation Declaration, Azerbaijan as a country of producing 718,000 barrels of crude oil per day in October 2018, must maintain crude oil production at 554,000 barrels during three months (May, June and July) of 2020. In order to fulfil its obligations, daily crude oil production should be reduced from the levels of October 2018, from 567,000 barrels in ACG to 434,000 barrels, and in SOCAR from 151,000 barrels to 120,000 barrels.

Note that the agreement reached on April 12, at the 10th meeting of ministers of OPEC plus countries envisages the reduction of daily crude oil production during May-June by 9.7 mln. barrels in total and by 164 thousand barrels in Azerbaijan. At the 11th meeting of OPEC and non-OPEC ministers on June 6, it was decided to extend these quotas for another month - until the end of July.

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