Azerbaijan fulfills obligations under OPEC+ deal
Azerbaijan produced 708,400 barrels of oil per day, including condensate in November 2021, of which 588,900 barrels accounted for crude oil and 119,500 barrels were condensate, News.Az reports citing the country’s Energy Ministry.
In accordance with the decision taken at the 21st meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 71,000 barrels in November. The country's oil production quota in November was 647,000 barrels.
As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 109.8 percent.
At the 21st Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also expressed its support to the decision made on increasing daily oil production by 400,000 barrels in November.
The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in November to reach 647,000 barrels, while the reduction commitment is 71,000 barrels.
At the 19th meeting of the ministers of OPEC plus countries held in July, starting from August, the decision was made to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the “Declaration of cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.