(MENAFN- AzerNews)
By Ayya Lmahamad
At the 31st Ministerial Meeting of OPEC and non-OPEC countries,
Azerbaijan supported a decision to increase daily oil output by
100,000 barrels in September, Azernews reports per the Energy
Ministry.
According to the quota set for September, the daily crude oil
production in Azerbaijan is expected to reach 718,000 barrels.
Moreover, it was agreed to hold the 32nd Ministerial Meeting of
OPEC+ countries on September 5.
This ministerial meeting was the first held under the
chairmanship of OPEC's new Secretary General Haitham Al Ghais of
Kuwait, who took over the role on August 1.
Since April 2020, OPEC and non-OPEC countries have entered into
an agreement on the reduction of daily oil output volumes.
At the 19th Ministerial Meeting of OPEC and non-OPEC countries,
Azerbaijan 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 2022.
The Declaration of Cooperation envisaged increasing daily crude
oil production volume in Azerbaijan every month from August to the
end of 2021 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, 718,000-barrel daily
crude oil production in October 2018 in Azerbaijan will remain 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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