Azerbaijan fulfilled its commitments under OPEC plus in October

In October 2020, daily oil production in Azerbaijan amounted to 675.2 thousand barrels, including 587 thousand barrels’ crude oil and 88.2 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 October, 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.