According to the ministry, the new Declaration of Cooperation envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in March this year to reach 682,000 barrels, while the reduction commitment is 36,000 barrels.
At the 19th Ministerial Meeting of OPEC+ countries held in July 2021, the agreement was achieved to increase the daily crude oil production by 400,000 barrels per month, up to 5.8 million barrels starting from August 2021, complete the cuts in the production volume in September 2022 and extend the term of the “Declaration of Cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.
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