“Azneft” PU to reduce oil output 17,000 barrels

In order to fulfill the obligation to cut the oil output within the OPEC+ agreement, SOCAR’s Azneft PU is planned to reduce the production by 17,000 bpd to 100,000 barrels in the initial stages, Report informs, citing SOCAR.

According to the information, the PU will be able to increase the production by 5,000 bpd in the next period, 6,000 bpd, from 2021.

The temporary reduction covers May-June 2020, July-December 2020, and January 2021 and the period from January 2021 to April 2022.

According to the OPEC+ deal, Azerbaijan is to reduce the output by 164,000 bpd to 554,000 bpd in May and June 2020, by 131,000 barrels to 587,000 barrels in July-December 2020, and by 98,000 barrels to 620,000 barrels during the period from January 2021 until April 2022.