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Azerbaijan overfulfills obligations under OPEC+ deal

Oil&Gas Materials 14 May 2022 10:12
Azerbaijan overfulfills obligations under OPEC+ deal
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, May 14. Azerbaijan produced 693,100 barrels of oil per day, including condensate in April 2022, of which 579,100 barrels accounted for crude oil and 114,000 barrels were condensate, Trend reports citing the country’s Energy Ministry.

In accordance with the decision taken at the 26th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 36,000 barrels in April. The country's oil production quota in April was 682,000 barrels or 7,000 barrels more month-on-month.

As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 117.7 percent.

At the 28th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also supported the decision to increase daily oil production by 432,000 barrels in June.

In according to the quotas set for June, the daily crude oil production in Azerbaijan is expected to increase by 7,000 barrels reaching to 695 thousand barrels, and the commitment to reduce to 23,000 barrels.

According to the decision adopted at the 19th Ministerial Meeting of OPEC plus held in July last year, the increase in daily crude oil production with partial adjustments to the base level will be applied from May 2022.

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