Azerbaijan overfulfills obligations under OPEC+ deal
Date
2/16/2022 2:13:43 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb.16
By Leman Zeynalova - Trend:
Azerbaijan produced 700,500 barrels of oil per day, including
condensate in January 2022, of which 580,900 barrels accounted for
crude oil and 119,600 barrels were condensate, Trend reports citing the
country's energy Ministry.
In accordance with the decision taken at the 23rd meeting of the
ministers of the OPEC + countries, Azerbaijan committed itself to
cut oil production by 57,000 barrels in January. The country's oil
production quota in January was 661,000 barrels or 7,000 barrels
more month-on-month.
As such, Azerbaijan fulfilled its obligations under the OPEC +
agreement by 113.78 percent.
Azerbaijan supported the decision to increase daily oil
production by 400,000 barrels in March 2022, which had been adopted
at the 25th meeting of ministers of the member countries of the
Organization of the Petroleum Exporting Countries (OPEC) and
non-member countries.
The new 'Declaration on Cooperation' provides for an increase in
daily oil production of Azerbaijan by another seven thousand
barrels in March, up to 675 thousand barrels, and the obligation to
reduce is envisaged at the level of 43 thousand barrels.
At the 19th meeting of OPEC+, it was decided to extend the
validity of the 'Declaration on Cooperation', implying an increase
in daily crude oil production by 400,000 barrels every month, until
the end of 2022.
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Follow the author on Twitter: @Lyaman_Zeyn
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