Baku, Azerbaijan, Feb. 2
Trend:
Azerbaijan has presented data on daily oil output in January 2017 to OPEC within the implementation of a term of the Vienna agreement on reducing output, the country’s Energy Ministry told Trend Feb. 2.
The ministry said that countries joined the Vienna agreement will present monthly reports on oil output to the technical commission.
“The Azerbaijani Energy Ministry’s representative, who will work on this issue with the technical commission, has already been determined. The data for January has already been presented to the commission. According to the data, daily oil output was 793,900 barrels in Azerbaijan in January, 50,800 barrels of which accounted for condensate,” said the ministry.
About 617,000 barrels of oil, 50,800 barrels of condensate and 24,200 barrels of oil products were daily exported, according to the ministry.
Azerbaijan fully fulfilled its commitments on reducing oil output by 35,000 barrels per day, noted the ministry.
“Thus, until the agreement’s signing, Azerbaijan produced 37.72 million tons of oil in 11 months of 2016, or the daily output level was 829,100 barrels,” said the ministry.
The researches showed that the made decisions have had a positive impact on oil prices’ increase and stabilization, added the ministry.
“In March, Kuwait will host a meeting of the Monitoring Committee, where the implementation of agreements and their impact on the market will be discussed,” said the ministry. “As a result, proposals and decisions will be made that will help the oil producing countries to form plans on output.”
The Energy Ministry is convinced that Azerbaijan’s fulfillment of commitments on the reduction of output confirms the country’s interest and resoluteness in the implementation of necessary measures to stabilize oil prices.
The joint technical commission was created on Jan. 22 under the Monitoring Committee, created to control the fulfillment of commitments by countries on oil output reduction.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
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