BAKU, Azerbaijan, Aug. 9
By Fidan Babayeva - Trend:
Azerbaijan daily produced 554,100 barrels of crude oil in July 2020, Trend reports citing Ministry of Energy.
According to the ministry, daily production of oil and condensate in the country amounted to 650,100 barrels, of which 554,100 barrels accounted for crude oil and 96,000 barrels - for condensate. Some 435,100 barrels of crude oil were produced by Azeri-Chirag-Deepwater Gunashli (ACG) field, 119,000 barrels – by SOCAR.
As part of the reduction in daily oil production by OPEC+ by 9.7 million barrels, Azerbaijan reduced crude oil production by 163,900 barrels per day in July 2020 compared to October 2018, the ministry said.
According to the ‘Declaration of Cooperation’, in October 2018, Azerbaijan, with daily crude oil production of 718,000 barrels, was supposed to produce crude oil in the volume 554,000 barrels per day in May-June-July of this year, reducing its production by 164,000 barrels.
In order to fulfill the obligations, the daily production of crude oil in October 2018 was reduced by 567,000 barrels per day, and through SOCAR - by 151,000 barrels, the ministry said.
The OPEC+ agreement of April 12 envisages a total of 9.7 million barrels of daily oil production.
On July 31, the first stage of the reduction was completed. In the second phase of the agreement, covering the period from August 1 through December 31, daily crude oil production in OPEC+ countries will reach 7.7 million barrels, which is 18 percent less compared to October 2018.
During this period, Azerbaijan must reduce daily crude oil production by 131,000 barrels and keep it at 587,000 barrels.