Daily crude oil productionin July in Azerbaijan amounted to 554.1 thousand barrels

In July 2020 the daily oil production (including condensate) throughout the country amounted to 650.1 thousand barrels, out of which crude oil accounted for 554.1 thousand barrel and condensate accounted for 96 thousand barrels. 435.1 thousand barrels crude oil was produced by “Azeri-Chirag-Guneshli” and 119 thousand barrels was produced by SOCAR (Azneft PU, JV and affiliated companies).
Within the reduction of 9.7 million barrels from the level of daily oil production for October 2018 for “OPEC plus” Azerbaijan decreased the daily cride oil production by 163.9 thousand barrels in July.
According to the Declaration of Cooperation, Azerbaijan where the daily crude oil production for October 2018 amounted to 718 thousand barrels had to reduce the crude oil production by 164 thousand barrels per day, maintaining it at the level 554 thousand barrels in May-June-July of the current year. In order to fulfill the commitments the daily crude oil production had be reduced from the levels of October 2018, where ACG had to reduce from 567 thousand barrels, maintaining at 434 thousand barrels and SOCAR (Azneft PU, JV and affiliated companies) had to reduce from 151 thousand barrels, maintaining at 120 thousand barrels.
It should be mentioned that the first stage of “OPEC plus” agreement dated 12 April, which provided for a total reduction of 9.7 million barrels in the daily crude oil production finished on 31 July. At the second stage of the agreement, which covers 1 August – 31 December “OPEC plus” countries will reduce the daily crude oil production by 18%, namely 7.7 million barrels from the level of October 2018. Within that period Azerbaijan will have to reduce the daily crude oil production by 131 thousand barrels respectively, maintaining it at 587 thousand barrels. In other words, within that term the daily crude oil production restrictions for Azerbaijan will be reduced by 33 thousand barrels compared to the previous three months.