Azerbaijan exceeds commitment under OPEC+ deal

Oil&Gas Materials 22 October 2021 13:33 (UTC +04:00)
Azerbaijan exceeds commitment under OPEC+ deal

BAKU, Azerbaijan, Oct.22

By Leman Zeynalova – Trend:

Azerbaijan produced 586,200 barrels of crude oil per day in September 2021, thereby exceeding its commitment under the OPEC+ deal, Trend reports with reference to Azerbaijan’s energy ministry.

In accordance with the OPEC+ decision made in July 2021, Azerbaijan may increase its daily oil production by 7,000 barrels to bring it to 633,000 barrels.

The daily oil production in Azerbaijan in September stood at 703,100 barrels, including 116,900 barrels of condensate.

At the 21st Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also expressed its support to the decision made on increasing daily oil production by 400,000 barrels in November.

The new "Declaration of Cooperation" envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in November to reach 647,000 barrels, while the reduction commitment is 71,000 barrels.

At the 19th meeting of the ministers of OPEC plus countries held in July, starting from August, the decision was made to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the “Declaration of cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.


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