Azerbaijan increases oil production in May, fulfills OPEC+ obligations

Tue 11 Jun 2019 10:33 GMT | 14:33 Local Time

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Azerbaijan increased oil production from 683,000 barrels per day in April to 776,000 barrels per day in May, while the country fulfils its obligations under the OPEC + deal, Trend reports referring to the Azerbaijani Energy Ministry.

"The daily oil production amounted to 776,000 barrels in May, 699,000 barrels of that volume accounted for crude oil, while 77,000 barrels - condensate production,” the Azerbaijani Energy Ministry said.

According to the ministry, the daily volume of export of crude oil from Azerbaijan in May amounted to 494,000 barrels, condensate - 75,000 barrels, oil products - 14,000 barrels.

According to the Energy Ministry, the average daily oil production amounted to 771,200 barrels in Azerbaijan for five months. That is, the oil production in the country was within the commitments undertaken under the OPEC + agreement. Azerbaijan has agreed to reduce oil production by 20,000 barrels per day since 2019 compared to September 2018, that is, up to the level of 776,000 barrels per day.

OPEC and a number of non-OPEC countries (OPEC + format) decided to modernize the terms of the agreement on reducing oil production in late 2018, which has been in force since early 2017. The countries agreed to reduce the total oil production by 1.2 million barrels per day beginning from the level of October 2018. The new agreement is designed for the first half of this year.

The possibility of extending the deal in the second half of 2019 will be discussed in Vienna in early July.

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