IEA evaluates Azerbaijan’s OPEC+ compliance

Oil&Gas Materials 16 November 2021 13:48 (UTC +04:00)

BAKU, Azerbaijan, Nov.16

By Leman Zeynalova – Trend:

Azerbaijan’s oil supply (excluding condensates) stood at 0.59 million barrels per day in October 2021, unchanged from September 2021, Trend reports with reference to the International Energy Agency (IEA).

The country’s compliance with OPEC+ agreement in October 2021 was 168 percent, according to the IEA report.

The target for October and November 2021 is 0.64 and 0.65 million barrels per day, respectively.

At the 22nd meeting of the ministers of the OPEC plus countries, an agreement was reached to maintain the decision adopted at the July meeting of ministers to increase the daily crude oil production by 400,000 barrels per month from August through December 2021.

Within the Declaration of Cooperation adopted, Azerbaijan's commitment to cut output will amount to 64,000 barrels per day in December. Azerbaijan was provided with an opportunity to increase the daily crude oil production by 7,000 barrels compared to November, maintaining it at 654,000 barrels.


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