Azerbaijan to cut oil production from 2019 as part of OPEC+ deal

  21 December 2018    Read: 1090
 Azerbaijan to cut oil production from 2019 as part of OPEC+ deal

Azerbaijan will reduce oil production from January 2019 by 20,000 barrels as part of the OPEC+ agreement, the Azerbaijani Energy Ministry told Trend Dec. 21.

“Azerbaijan will reduce oil production by 20,000 barrels from the production level in September 2018,” the ministry said.

In September 2018, daily oil production in Azerbaijan amounted to 796,000 barrels and Azerbaijan made a commitment to reduce this figure to 776,000 barrels per day starting from 2019, according to the ministry.

The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.

The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.

In January-November 2018, Azerbaijan produced 35.47 million tons of oil and gas condensate, which is 0.1 percent more than in the same period of 2017, according to the Azerbaijani State Statistics Committee.

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