Azerbaijan downs oil production under OPEC agreement
Baku, Azerbaijan, Mar. 6
By Maksim Tsurkov – Trend:
Azerbaijan submitted the daily oil production data for February 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cap oil output, Azerbaijan’s Energy Ministry told Trend.
In February, the daily oil production in Azerbaijan amounted to 776,400 barrels, 50,000 barrels of which accounted for condensate.
The Energy Ministry also said 604,100 barrels of oil, 50,000 barrels of condensate and 26,800 barrels of petroleum products were exported daily.
Azerbaijan completely fulfils its obligations to reduce oil production by 35,000 barrels per day, the ministry said, adding the country was producing 793,900 barrels of oil per day in January 2017.
A letter from the OPEC Monitoring Committee states that Azerbaijan complies with the terms of the Vienna agreement by 214 percent, according to the Energy Ministry.
The Committee’s letter said Azerbaijan is one of the countries playing a leading role in the process of oil production cut, the ministry said.
The Joint Technical Committee was created January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production.
In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, with the possibility of extension.