Azerbaijan reports on implementation of OPEC + deal for May
Baku, Azerbaijan, June 9
By Azad Hasanli – Trend:
Azerbaijan presented data on its daily oil production in May 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement, the Azerbaijani Energy Ministry told Trend on June 9.
Daily oil production stood at 801,000 barrels in May 2018, of which 748,700 barrels accounted for crude oil and 53,000 barrels - for condensate.
The ministry said that Azerbaijan again fully fulfilled its obligations under the oil deal.
Azerbaijan’s average daily oil production stood at 781,900 barrels in 2017 instead of the figure specified in OPEC agreement (834,000 barrels per day), said the ministry.
In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels and in March - 794,000 barrels, and in April – 785,700 barrels of oil per day.
OPEC Joint Technical Committee was created on Jan.22 2017 to monitor the implementation of countries’ commitments to cut oil production.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.
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