Azerbaijan cuts oil output under OPEC agreement

Azerbaijan meets its obligations to cut daily oil output by 35,000 barrels under the terms of the Vienna agreement, Azerbaijan’s Ministry of Energy told local media here Tuesday.

According to the ministry, oil output in Azerbaijan amounted to 734,800 barrels per day in August, 704,000 barrels of which accounted for crude and 30,800 barrels for condensate.

The Energy Ministry also said Azerbaijan exported 617,600 barrels of crude, 30,800 barrels of condensate and 6,600 barrels of petroleum products daily last month.

The country has submitted the daily oil production data report for August, 2017 to the OPEC Joint Technical Committee (JTC), according to the ministry.

OPEC agreed at a meeting in November 2016 to reduce oil production by 1.2 million barrels a day from the October levels.

One month later in Vienna, 11 non-OPEC oil-producing countries, including Azerbaijan, agreed to cut oil output by 558,000 barrels per day in the first half of 2017 with the possibility of extension, the largest contribution made by non-OPEC oil producers ever.

Azerbaijan’s proved oil reserves stood at 7 billion barrels at end 2016, or 0.4 percent of the world proved oil reserves, according to the BP Statistical Review of World Energy.

Source: Xinhua

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