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Azerbaijan overfulfills obligations under OPEC+ deal

Oil&Gas 12 January 2022 13:05
Azerbaijan overfulfills obligations under OPEC+ deal

BAKU, Azerbaijan, Jan.12

By Leman Zeynalova – Trend:

Azerbaijan produced 717,600 barrels of oil per day, including condensate in December 2021, of which 597,100 barrels accounted for crude oil and 120,500 barrels were condensate, Trend reports citing the country’s Energy Ministry.

In accordance with the decision taken at the 22nd meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 64,000 barrels in December. The country's oil production quota in December was 654,000 barrels or 7,000 barrels more than in November.

As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 109.5 percent.

Azerbaijan supported the decision taken at the 24th meeting of the OPEC + ministers on the plan to increase oil production by 400,000 barrels per day in February.

The new "Declaration of Cooperation" provides for an increase in daily oil production in Azerbaijan by another 7,000 barrels to 668,000 barrels in February 2022, and the obligation to reduce is envisaged at the level of 50,000 barrels.

At the OPEC+ ministerial meeting on July 18, 2021, it was decided to increase oil production by 400,000 barrels per month in order to complete oil production cuts at 5.8 million barrels in September 2022. It was also decided, with partial adjustments to base oil production levels from May 2022, to extend the "Declaration of Cooperation" until the end of 2022.

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Follow the author on Twitter: @Lyaman_Zeyn

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