Azerbaijan fulfills its commitments under OPEC plus in March

  12 April 2021    Read: 1067
  Azerbaijan fulfills its commitments under OPEC plus in March

In March 2021, daily oil production (including condensate) in Azerbaijan amounted to 734.8 thousand barrels, including 592.1 thousand barrels’ crude oil and 142.7 thousand barrels’ condensate.

It should be noted that at the 13th and 14th Ministerial Meeting of the OPEC plus countries, it was decided to continue the existing quotas on daily crude oil production in February, March, April. According to the decisions, Azerbaijan's commitment of 123 thousand barrels in January this year will remain unchanged during this period. The daily crude oil production will be kept at the level of 595 barrels.

The decision was adopted on increasing the crude oil production up to approximately 1.1 million barrels in the next three months at the 15th Ministerial Meeting of OPEC Plus countries. According to the new agreement, the daily crude oil production of Azerbaijan will be 8 thousand barrels higher in May, and in addition 7 thousand barrels higher in June and 10 thousand barrels higher in July than its voluntary oil output commitment (595 thousand barrels) for first four months of 2021. Throughout the country, the crude oil production will be maintained at 603 thousand barrels in May, 610 thousand barrels in June and 620 thousand barrels in July respectively.


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