BAKU, Azerbaijan, Nov.12
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply (excluding condensates) stood at 0.59 million barrels per day in October 2020 unchanged from September, Trend reports with reference to the International Energy Agency (IEA).
The country’s compliance with OPEC+ agreement in October, as well as the average compliance was 100 percent, according to the IEA report.
Azerbaijan’s supply baseline amounts to 0.72 million barrels per day. The target for the period from May through July was 0.55 million barrels per day, from August through December - 0.59 million barrels per day and from January 2021 to April 2022 – 0.62 million barrels per day.
Daily oil production (together with condensate) in Azerbaijan amounted to 675,200 barrels in October 2020, according to Azerbaijani Ministry of Energy.
According to the ministry, 587,000 barrels of this volume accounted for crude oil, 88,200 barrels for condensate.
According to the "Declaration of Cooperation", in October 2018, Azerbaijan, with daily crude oil production in the volume of 718,000 barrels, had to maintain crude oil production from August through December 2020 in the volume of 587,000 barrels per day, reducing the production of crude oil by 131,000 barrels.
The OPEC+ agreement of April 12 provides for daily production of 7.7 million barrels in total.
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.
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