Performance of production obligations was discussed

The performance of Azerbaijan's obligations under the regulation of the oil market was discussed with companies engaged in oil production in the country. The companies also supported the measures to ensure balance in the oil market.  

Azerbaijan`s obligations will be distributed in accordance with the reduced daily crude oil production from the level of October 2018 and taking into account the production capacity of oil producers.

It should be noted that quotas to limit the production of OPEC and non-OPEC countries include only crude oil volumes and the volume of condensate was not taken into account. Daily crude oil production was 718 thousand barrels in October 2018. Azerbaijan`s obligations include reduction of daily crude oil production by 23%(164,000 barrels) in May-June, by 18% (131,000 barrels) in July-December, and by 14% (98,000 barrels) from January 2021 to April 2022. Azerbaijan should maintain daily crude oil production at 554 thousand barrels in May-June, 587 thousand barrels in July-December, 620 thousand barrels from 2021 to April 2022 in accordance with the obligations.