Azernews.Az

By Trend

Azerbaijan presented data on its daily oil production in February 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement, Azerbaijani Energy Ministry told Trend on March 12.

Daily oil production stood at 806,600 barrels in February 2018, of which 751,000 barrels accounted for crude oil and 55,000 barrels for condensate.

Meanwhile, 621,300 barrels of crude oil, 55,000 barrels of condensate and 20,400 barrels of oil products were exported per day.

In January 2018, daily oil production stood at 814,600 barrels, of which 759,700 barrels accounted for crude oil and 54,900 barrels for condensate.

Azerbaijan’s average daily oil production stood at 781,900 barrels in 2017 under the OPEC agreement to curb daily crude output by 834,000 barrels, said the ministry.

OPEC Joint Technical Committee was created to monitor the implementation of countries’ commitments to cut oil production.

OPEC and several other non-OPEC producers, including Azerbaijan have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.

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