Azerbaijan follows an agreement to reduce production

Baku / 05.08.17 / Turan: Azerbaijan fully fulfilled its obligations to reduce daily oil production, such an agreement was reached with oil countries in June, according to the Ministry of Energy.

During July 2017, the daily oil production in Azerbaijan amounted to 796.7 thousand barrels. Of these, 745.1 thousand barrels of raw materials, and 51.6 thousand barrels of condensate; 611.3 thousand barrels of crude oil were exported daily, 51.6 thousand barrels of condensate and 15.7 thousand barrels of oil products.

The ministry notes that in accordance with the agreement on reducing oil production of OPEC member countries and not entering into the cartel, the obligation to reduce Azerbaijan's oil production by 35,000 barrels per day is fully met.

The daily oil production in the country in January amounted to 793.9 thousand barrels, in February 776.4 thousand barrels, in March 733.3 thousand barrels, in April 781.1 thousand barrels, in May 785.3 thousand barrels, in May June 793.7 thousand barrels.

OPEC member countries and non-members of the cartel signed an agreement on lowering oil production on December 10 last year in Vienna. The agreement is concluded for six months.

Azerbaijan also joined the agreement. In total it was signed by 11 countries.

On May 25, the OPEC Council of Ministers at the 172nd meeting in Vienna extended the agreement on reducing oil production for another 9 months. -0-