Azerbaijan fulfills commitments under OPEC+ for September

In September of this year, daily oil production (including condensate) in Azerbaijan amounted to 653.5 thousand barrels.

The press service of the Ministry of Energy told Report.

According to the Agency, 585,000 barrels were for crude oil and 68.5 thousand barrels for condensate. Of this volume, 460,000 barrels were produced at Azeri-Chirag-Guneshli, and the state oil company of Azerbaijan produced 125,000 barrels – SOCAR (Azneft, JV and OK).

As part of the second stage of limiting daily oil production by OPEC+ by 7.7 million barrels to the level of October 2018, covering August 1 – December 31, Azerbaijan reduced crude oil production by 133 thousand barrels per day in October. Thus, Azerbaijan exceeded its commitment to reduce output.

According to the Declaration on Cooperation, Azerbaijan should maintain its crude oil production in 587,000 barrels per day in August-December this year. Production at ACG should be reduced to the level of 2018 from 567 thousand to 461 thousand barrels, according to SOCAR (Azneft, JV, and OK) – from 151 thousand to 126 thousand barrels.