Azerbaijan Overfulfills Obligations Under OPEC+ Deal| MENAFN.COM

Thursday, 29 September 2022 01:23 GMT

Azerbaijan Overfulfills Obligations Under OPEC+ Deal


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, August 11. Azerbaijan produced 659,000 barrels of oil per day, including condensate in July 2022, of which 549,900 barrels accounted for crude oil and 109,100 barrels were condensate, Trend reports citing the country's Energy Ministry.

In accordance with the decision taken at the 29th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 12,000 barrels in June. The country's oil production quota in July was 706,000 barrels or 10,000 barrels more month-on-month.

As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by almost 128 percent.

Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement. Azerbaijan's daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 mb/d for the month of September 2022.

This adjustment does not affect the baselines decided on the Meeting on 18 July 2021. The meeting participants reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.

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