Azerbaijan fulfills its obligations within OPEC/NOPEC

Fri 10 Aug 2018 06:12 GMT | 10:12 Local Time

Text size: bigger smaller

The daily volume of oil output in Azerbaijan for July 2018 totaled 773,000 barrels, including 728,000 barrels accounted for crude oil and 45,000 barrels - for condensate.

The Ministry of Energy reports that Azerbaijan again fully fulfilled its obligations under the oil deal.

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 and in June– 792,000 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.




Most read articles

More from Economy

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh