Daily oil production in Azerbaijan during the January of 2019 amounted to 793 thousand barrels

Daily oil production in Azerbaijan amounted to 793 thousand barrels in January. Out of this figure 720 thousand barrels accounts for crude oil and 73 thousand barrels for condensate. 598 thousand barrels of crude oil, 73 thousand barrels of condensate and 16 thousand barrels of oil products were exported per day.

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

It is worth to mention that average daily oil production for the last year accounted for 792.6 thousand barrels.

At the V Meeting of the member and non-member country ministers to the Organization of Petroleum Exporting Countries (OPEC) in Vienna on December 7, 2018, an agreement was reached to reduce the oil production to 1.2 million barrels per day. Under the new resolution, Azerbaijan has committed to reduce daily production by approximately 20 thousand barrels since January 2019.