BAKU, Azerbaijan, Nov. 12
By Anastasia Savchenko - Trend:
Oil production in Azerbaijan amounted to 755,000 barrels per day in October 2019, Trend reports referring to Azerbaijani Energy Ministry.
Of these, 644,000 barrels were crude oil, while 74,000 barrels were condensates.
Under the agreement to maintain daily oil production at 776,000 barrels, Azerbaijan has fulfilled its obligation to reduce production by 20,000 barrels per day.
According to the ministry, the average daily oil production in Azerbaijan amounted to 762,000 barrels in the first 10 months of 2019.
In October 2019, the Energy Ministry submitted daily oil production data to the OPEC Joint Technical Committee.
In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.
On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.
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