Azerbaijan unveils oil production figures

  13 August 2021    Read: 324
Azerbaijan unveils oil production figures

Daily oil production (including condensate) in Azerbaijan amounted to 717,000 barrels in July 2021, reports citing the Azerbaijani Ministry of Energy.

Of these, 606,000 barrels fell on crude oil, and 111,000 barrels - on condensate, the ministry added.

“In accordance with the agreement, from January through July 2021, Azerbaijan had to reduce daily oil production by 123,000 barrels from the level of October 2018, when it was produced 718,000 barrels, and keep it at 595,000 barrels per day,” the report said.

According to the new agreement reached at the OPEC + ministerial meeting on April 1, Azerbaijan in May-July is supposed to increase oil production by a total of 98,000 barrels per day, including in July - by 10,000 - up to 620,000 barrels per day.

At the 19th ministerial meeting of the OPEC countries and non-cartel states, Azerbaijan supported the decision to extend the ‘Declaration of Cooperation’ until the end of 2022. The document provides for an increase in daily crude oil production by 400,000 barrels per month in August-December 2021 and a partial adjustment of the base level of crude oil production from May next year.

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