Azerbaijan starts to fulfill commitments under OPEC+ agreement
Baku, Azerbaijan, May 8
By Sara Israfilbayova – Trend:
Since April 2019, Azerbaijan has started fulfilling its commitments under the OPEC+ agreement, Azerbaijani Energy Minister Parviz Shahbazov told reporters in Baku at the National Oil Committee meeting, Trend reports.
Azerbaijan agreed to cut daily oil production to 776,000 barrels as part of the OPEC+ agreement. However, the average daily oil production reached 793,000 barrels in January, 806,000 barrels in February and 798,000 barrels in March.
At a press conference following the meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku in March 2019, Shahbazov said that the indicators of Azerbaijan’s compliance with the OPEC+ agreement to reduce oil production will be even better.
"For two and a half years Azerbaijan has exceeded its obligations under the OPEC+ agreement. Last December, we made new commitments. We remain committed to our obligations. Following the results of the 1H2019, Azerbaijan will completely fulfill its obligations under OPEC+. Next month there will be even better results," the minister said.
An agreement was reached to reduce daily oil production by 1.2 million barrels at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December 7, 2018.
As part of the agreement, Azerbaijan has reduced daily production by 20,000 barrels since January 1, 2019.