Date: 9 months ago   Category: Energy

Azerbaijan has increased oil production within the transaction of OPEC to 796 thousand barrels a day — Rambler News Service


Azerbaijan has increased oil production (including gas condensate) in September, 2018 within the agreement of OPEC and the countries (the transaction of OPEC) which aren't entering into cartel up to 796 thousand barrels a day, it is said in the statement of the Ministry of Energy of Azerbaijan. "Daily oil production in Azerbaijan in September has made 796 thousand barrels. From them 725 thousand barrels of oil raw materials and 71 thousand barrels of gas condensate" — it is said in the statement. The Ministry of Energy also specifies that average daily export in September made 599 thousand barrels of oil, 71 thousand barrels of gas condensate and 7 thousand barrels of oil products. As it was reported earlier, average daily oil production of Azerbaijan in January has made 814,6 thousand barrels, in February - 806 thousand barrels, in March - 794 thousand barrels, in April - 785,7 thousand barrels, in May - 801 thousand barrels, in June - 792 thousand barrels, in July - 773 thousand barrels, in August - 774 thousand barrels. At the end of November, 2016 in Vienna there has taken place the summit of OPEC where member countries of cartel have reached the agreement on reduction of oil production on 1,2 million barrels a day, up to 32,5 million barrels, and have defined quotas for organization member countries. On December 10 in Vienna there has taken place the meeting of the producers of oil which aren't entering into OPEC. Independent producers have signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. On May 24-25, 2017 meetings of the countries of OPEC and independent producers of oil where the parties have agreed have taken place to prolong the agreement for nine months, until the end of the I quarter 2018, on the current conditions. On November 30, 2017 the agreement has been prolonged until the end of 2018. On June 23, 2018 the OPEC countries at a meeting in Vienna have made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction.

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