Azerbaijan fulfilled its commitments under OPEC plus in November

In November 2020, daily oil production (including condensate) in Azerbaijan amounted to 686.2 thousand barrels, Including 587 thousand barrels’ crude oil and 99.2 thousand barrels’ condensate.

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. Thus, in November, Azerbaijan fulfilled its OPEC plus commitment within OPEC plus, with an average daily production of 587 thousand barrels of crude oil.

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.

According to the decision made at the 12th OPEC plus Ministerial Meeting on December 3, 2021, OPEC plus countries should reduce the daily crude oil production by 7.2 mln. barrels in January and Azerbaijan by 123 thousand barrels. Thus, in January 2021, the proposed daily oil production for Azerbaijan is identified at the level of 595,000 barrels.