Azerbaijan fulfills over 98% of its OPEC+ obligation in May
Azerbaijan fulfilled more than 98% of its obligation to OPEC+ deal in May, the country’s Energy Ministry said on Tuesday.
Last month, Azerbaijan produced 557.2 thousand barrels of crude oil per day, while the country’s daily oil production was 650 thousand barrels.
The ministry said that Azerbaijan reduced daily crude oil production by 160.8 thousand barrels in May. Thus, Azerbaijan fulfilled over 98% of its obligation in the volume of 164 thousand barrels in May.
The deal adopted on April 12, at the meeting of ministers of OPEC+ countries envisages the reduction of daily crude oil production during May-June by 9.7 mln. barrels in total and by 164 thousand barrels in Azerbaijan. Meanwhile, at the meeting of ministers of OPEC and non-OPEC countries held on June 6, the decision was made to extend the period of these quotas until the end of July.
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