Azerbaijan’s oil output down under OPEC deal

Tue 05 September 2017 11:14 GMT | 15:14 Local Time

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In August, the daily oil production in Azerbaijan amounted to 734,800 barrels.

Azerbaijan submitted the daily oil production data for August 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cut oil output, Azerbaijan’s Energy Ministry told Trend Sept. 5.

In August, the daily oil production in Azerbaijan amounted to 734,800 barrels, 704,000 barrels of which accounted for crude and 30,800 barrels accounted for condensate.

The Energy Ministry also said 617,600 barrels of crude, 30,800 barrels of condensate and 6,600 barrels of petroleum products were exported daily in August.

Azerbaijan completely fulfils its obligations to reduce oil production by 35,000 barrels per day, the ministry said, adding the country was producing 793,900 barrels of oil per day in January, 776,400 barrels per day in February, 733,300 barrels per day in March, 781,100 barrels per day in April, 785,300 barrels per day in May, 793,700 barrels per day in June and 796,700 barrels per day in July.

The Joint Technical Committee was created January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production.

In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017 and on May 25, 2017, it was extended by late 1Q2018. 

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