Azerbaijan decreases daily oil production in June
  • ECONOMY

  • 18:22 10 July 2019

Azerbaijan decreases daily oil production in June

In June, daily oil production in Azerbaijan amounted to 768,000 barrels, and this indicator is by 1.04% less than May, the Ministry of Energy told ONA.

According to the information of the ministry, daily oil production consists of 695,000 barrels crude oil and 73,000 barrels condensate. Daily export of crude oil constituted 471,000 barrels, while export of condensate and oil products accounted for 72,000 and 19.2 thousand barrels respectively.

Azerbaijan has completely fulfilled its commitment to reduce the daily production by 20,000 barrels upon the Agreement on the Maintenance of the Daily Oil Production Capacity at 776,000 barrels. It should be noted that in January-May of the current year the average daily oil production made up 771,000 barrels.

The Ministry of Energy presented data on daily oil production in June to the Joint Technical Commission of the Joint Monitoring Committee of OPEC.

The duration of the of “Declaration of Cooperation”, signed on reduction the oil production by 1.2 million barrels a day in Member and Non-member Countries of the Organization of Petroleum Exporting Countries (OPEC) on December 7, 2018, expanded from July 1 of current year to the first quarter of 2020.

In June, daily oil production in Azerbaijan amounted to 768,000 barrels, and this indicator is by 1.04% less than May, the Ministry of Energy told APA-Economics.

According to the information of the ministry, daily oil production consists of 695,000 barrels crude oil and 73,000 barrels condensate. Daily export of crude oil constituted 471,000 barrels, while export of condensate and oil products accounted for 72,000 and 19.2 thousand barrels respectively.

Azerbaijan has completely fulfilled its commitment to reduce the daily production by 20,000 barrels upon the Agreement on the Maintenance of the Daily Oil Production Capacity at 776,000 barrels. It should be noted that in January-May of the current year the average daily oil production made up 771,000 barrels.

The Ministry of Energy presented data on daily oil production in June to the Joint Technical Commission of the Joint Monitoring Committee of OPEC.

The duration of the of “Declaration of Cooperation”, signed on reduction the oil production by 1.2 million barrels a day in Member and Non-member Countries of the Organization of Petroleum Exporting Countries (OPEC) on December 7, 2018, expanded from July 1 of current year to the first quarter of 2020.

Emil Ismayilov

Tags: Azerbaijani oil economy

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