Azerbaijan reports on implementation of OPEC+ deal for October

  10 November 2018    Read: 1002
Azerbaijan reports on implementation of OPEC+ deal for October

Azerbaijan presented data on its daily oil production in October 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement, the Azerbaijani Energy Ministry said in a statement.

Daily oil production stood at 783,000 barrels in October 2018, of which 717,000 barrels accounted for crude oil and 66,000 barrels for condensate, while 599,000 barrels of crude oil, 71,000 barrels of condensate and 4,000 barrels of oil products were exported.

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, in May – 801,000 barrels, in June – 792,000 barrels, in July – 773,000 barrels and in August – 774,000 barrels of oil per day.

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

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC 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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