BAKU, Azerbaijan, Sept.14
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply (excluding condensates) stood at 0.60 million barrels per day in August 2021, as compared to 0.61 million barrels per day in July 2021, Trend reports with reference to the International Energy Agency (IEA).
The country’s compliance with OPEC+ agreement in August 2021 was 134 percent, according to the IEA report.
The target for August, September and October 2021 is 0.63, 0.63 and 0.64 million barrels per day, respectively.
According to the decision of the OPEC+ ministers adopted in July 2021, Azerbaijan's commitment to reduce production in August should have amounted to 91,000 barrels, and daily crude oil production should have been increased by 7,000 barrels compared to July – to 627,000 barrels.
According to the agreement adopted in July 2021 at the 19th meeting of OPEC+ ministers, starting from August 2021, the countries included in this structure must increase daily crude oil production by 400,000 barrels per day on a monthly basis.
It is planned to complete the cuts of 5.8 million barrels in September 2022 and extend the validity period of the "Declaration on Cooperation" until the end of 2022, with a partial adjustment of the base level of oil production from May 2022.
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