The daily oil production in Azerbaijan amounted to 790,000 barrels in December 2018

Daily oil production in Azerbaijan amounted to 790,000 barrels in December. 721,000 barrels out of this amount accounted for crude oil and 69,000 barrels the condensate. 617,000 barrels of crude oil, 69,000 barrels of condensate and 13,400 barrels of oil products were exported daily.

The Ministry of Energy submitted necessary information on daily oil production in December to the Joint Technical Commission of the OPEC’s Joint Monitoring Committee.

Last year, average daily oil production accounted for 792.6 thousand barrels. It should be noted that within the framework of the Declaration of Cooperation signed in Vienna on December 10, 2016, Azerbaijan undertook to reduce its production by 35,000 barrels per day.

At the V Meeting of the member and non-member countries of the Organization of Petroleum Exporting Countries (OECD) in Vienna on December 7, 2018, it was reached an agreement to reduce the oil production by 1.2 million barrels a day. Under the new agreement, Azerbaijan has committed itself to reduce daily production by approximately 20,000 barrels since January 2019.