Azerbaijan to continue oil production relevant to plan for 2020
  • ECONOMY

  • 14:58 31 March 2020

Azerbaijan to continue oil production relevant to plan for 2020

Since April 1, Azerbaijan will also become exempted from its obligations regarding reduction of oil production, the Ministry of Energy told ONA.

The period of implementation of the “Cooperation Declaration” signed on December 6, 2019 and related to reduction of daily oil production by 1.7 mln. Barrels by OPEC plus countries expires today. During this period, Azerbaijan fully performed its production volume obligation under Cooperation Declaration amounting to 27 thousand barrels. The daily oil production in the country was approximately 754 thousand barrels in January-March, 2020. From now on, Azerbaijan will implement oil production in accordance with the activity plan for 2020 and the existing situation.  

Azerbaijan is in favor of stabilization of global oil market and to this end actively took part in consultation process among OPEC+ countries in March in order to get agreement. From now on Azerbaijan will also continue its OPEC+ cooperation in the framework of Charter among oil producing countries.

Huseyn Veliyev

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