Azernews.Az

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 717,600 barrels in December, the Energy Ministry has reported.

Out of the total daily oil production, crude oil amounted to 597,100 barrels and condensate to 120,500 barrels.

Within the agreement adopted at the 22nd Ministerial Meeting, Azerbaijan's commitment to reduce production was 64,000 barrels per day in December. This makes possible an increase in daily crude oil production in Azerbaijan by 7,000 barrels in December to reach 654,000 barrels.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume.

At the 19th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan has supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production from May next year.

That Declaration of Cooperation envisages increasing daily crude oil production volume in Azerbaijan every month from August to the end of the year and reducing the obligations related to cuts accordingly.

Moreover, from May 2022 to the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing base. In other words, the 718,000-barrel daily crude oil production in October 2018 in Azerbaijan will remain at the base level for determining the output level next year.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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