Azerbaijan fulfilled its commitments under OPEC plus in August

In August 2020, daily oil production in Azerbaijan amounted to 669.1 thousand barrels, including 584.6 thousand barrels’ crude oil and 84.5 thousand barrels’ condensate.  "Azeri-Chirag-Guneshli" accounted for 460.4 thousand barrels out of 584.6 thousand barrels of crude oil while SOCAR (Azneft PU, JV and Affiliated Companies) for 124.2 thousand barrel. 
Within the process of reduction by 7.7 million barrels of the level of daily oil output recorded in October, 2018 under the OPEC plus agreement, Azerbaijan cutted daily crude oil output by 133.4 thousand barrels in August.   
According to the ”Declaration of Cooperation", Azerbaijan, where oil production amounted to 718 thousand barrels of crude oil per day in October 2018, should maintain the daily crude oil output at 587 thousand barrels by reducing 131 thousand barrel in August-December of the current year. In order to fulfill the commitments, the daily crude oil production should be reduced from the levels recorded in October, 2018, i.e. from 567 thousand barrels to 461 thousand barrels at ACG field and from 151 thousand barrels to 126 thousand barrels at SOCAR company (Azneft Production Unit (PU), JV and Affiliated Company) and should be kept at the reduced level.  
It should be noted that the second stage of “OPEC plus” agreement dated 12 April, which provides for a total reduction of 7.7 million barrels in the daily crude oil output covers 1 August – 31 December.