Azerbaijan reports on implementation of OPEC + deal for June

  12 July 2018    Read: 1199
Azerbaijan reports on implementation of OPEC + deal for June

Azerbaijan presented data on its daily oil production in June 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement, the Azerbaijani Energy Ministry told on July 12.

Daily oil production stood at 792,000 barrels in June 2018, of which 739,000 barrels accounted for crude oil and 53,000 barrels - for condensate.

The ministry said that Azerbaijan again fully fulfilled its obligations under the oil deal.

Azerbaijan’s average daily oil production stood at 781,900 barrels in 2017 instead of the figure specified in OPEC agreement (834,000 barrels per day), said the ministry.

In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels, in March - 794,000 barrels, in April – 785,700 barrels and in May – 801,000 barrels of oil per day.

OPEC Joint Technical Committee was created on Jan.22, 2017 to monitor the implementation of countries’ commitments to cut oil production.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.

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