BAKU, Azerbaijan, May 12
By Nargiz Ismayilova - Trend:
The daily oil production amounted to 771,400 barrels in Azerbaijan in April 2020, Trend reports referring to the Azerbaijani Ministry of Energy.
Some 679,800 of that volume accounted for crude oil while 91,600 barrels - for condensate.
"Some 640,300 barrels of crude oil, 86,000 barrels of condensate, 23,600 barrels of oil products were exported daily," the report said.
In April, OPEC and non-OPEC countries, including Azerbaijan were freed from obligations under the OPEC+ deal to curb oil output.
Azerbaijan also joined Declaration of Cooperation, which was adopted after the ministerial meetings of the OPEC + countries (held on April 9 and April 12, 2020) and envisioned a cut in oil output by 9.7 million barrels per day (bpd) from May through June, 7.7 million bpd from July through December, and by 5.8 million bpd from January 2021 through April 2022.
In accordance with a new OPEC+ deal, Azerbaijan shall reduce oil production by 164,000 barrels from May through June 2020 against 718,000 barrels of crude oil produced in October 2018. During this period, Azerbaijan should maintain the daily crude oil production at the level of 554,000 barrels.
Azerbaijan’s obligations made up 131,000 barrels from July through December 2020, and 98,000 barrels from January 2021 through April 2022.
According to the quotas, the daily crude oil production in Azerbaijan from early July through December this year shouldn’t exceed 587,000 bpd, and from January 2021 through April 2022 – not more than 620,000 bpd.
Since May 1, joint ventures and operating companies of Azneft production association have been carrying out a process of daily production cut at the Azeri-Chirag-Guneshli fields.
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