According to the ministry, the new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in November to reach 647,000 barrels, while the reduction commitment is 71,000 barrels.
At the 19th meeting of the OPEC plus countries, the decision was made to extend the term of the “Declaration of cooperation” by the end of 2022, which envisages increasing the daily crude oil production by 400,000 barrels per month from August through September 2022 and partially adjust the base level of oil production from May next year.
In accordance with the “Declaration of Cooperation” adopted in July at the 20th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also expressed its support to the agreement on increasing daily oil production by 400,000 barrels in October.
The new "Declaration of Cooperation" envisaged an increase in daily crude oil production in Azerbaijan by 7,000 barrels in October to reach 640,000 barrels, while the reduction commitment is 78,000 barrels.
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