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Saudi Arabia praises Azerbaijan’s contribution to deal to cut oil output

Oil&Gas Materials 26 April 2017 12:38 (UTC +04:00)
Saudi Arabia very much appreciates Azerbaijan’s contribution to the agreement to reduce oil production, which was reached in December 2016 in Vienna.
Saudi Arabia praises Azerbaijan’s contribution to deal to cut oil output

Baku, Azerbaijan, Apr. 26

By Azad Hasanli – Trend:

Saudi Arabia very much appreciates Azerbaijan’s contribution to the agreement to reduce oil production, which was reached in December 2016 in Vienna, said Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Abdulaziz Al-Falih.

The minister made the remarks at a meeting with Azerbaijan’s Energy Minister Natig Aliyev in Baku Apr. 26.

Al-Falih said that Azerbaijan is one of the countries that have fulfilled their obligations on oil output cut better than others. The minister emphasized that Azerbaijan reduced oil production to a greater extent than it undertook.

“We have common values; Azerbaijan and Saudi Arabia are very pragmatic with regard to oil production in the long term. We want stability not only for producers, but also for oil consumers,” added the minister.

During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to cut oil production to 32.5 million barrels per day. Later, non-OPEC countries (including Azerbaijan) agreed to reduce the output by another 558,000 barrels per day during the meeting held Dec. 10, 2016.

According to the Energy Ministry, daily oil output was 733,300 barrels in Azerbaijan in March, 40,000 barrels of which accounted for condensate. About 596,000 barrels of oil, 40,000 barrels of condensate and 23,000 barrels of oil products were exported per day.

Azerbaijan fully fulfills its obligations to reduce production by 35,000 barrels a day, says the ministry.

“In January 2017, Azerbaijan produced 793,900 barrels of oil per day, in February – 776,400 barrels per day,” the Energy Ministry told Trend.

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