Azerbaijan completely fulfills its commitment on oil production

In May, daily oil production in Azerbaijan amounted to 776,000 barrels, including 699,000 barrels crude oil and 77,000 barrels condensate. Daily export of crude oil constituted 494 thousand barrels, while export of condensate and oil products accounted for 75 thousand and 14 thousand barrels respectively.

Azerbaijan has completely fulfilled its commitment to reduce the daily production by 20,000 barrels upon the agreement on the maintenance of the daily oil production capacity at 776,000 barrels. It should be noted that in January-May of the current year the average daily oil production made up 771.2 thousand barrels.

The Ministry of Energy presented data on daily oil production in May to the Joint Technical Commission of the Joint Monitoring Committee of OPEC.

At the 5^th Ministerial Meeting of Member and Non-member Countries of the Organization of Petroleum Exporting Countries (OPEC) held in Vienna on December 7, 2018, it was agreed to reduce the oil production by 1.2 million barrels a day.  The implementation of “Declaration of Cooperation” has been planned for the first half of 2019.