BAKU, Azerbaijan, Jan.19
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR has produced 7.9 million tons of oil in 2021, or 6.5 percent more than in 2020, Trend reports with reference to the company.
The company drilled nearly 62 meters in 2021, which is 10.3 percent more than in 2020.
The total volume of crude oil production in Azerbaijan stood at 34.6 million tons in 2021, as compared to 34.5 million tons. A slight increase in the country’s oil production was achieved as a result of easing the oil production quotas under the OPEC+ agreement.
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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