National daily oil output amounts 704,400 barrels in Oct

By Azernews

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 704,400 barrels in October, the Energy Ministry has reported.

Out of the total daily oil production, crude oil amounted to 585,900 barrels and condensate to 118,500 barrels.

The decision adopted at the 20th OPEC Ministerial Meeting envisaged bringing daily crude oil production in Azerbaijan to 640,000 barrels in October and setting the reduction commitment as 78,000 barrels.

Within the agreement adopted at the 21st Ministerial Meeting, Azerbaijan's commitment to reduce production was 71,000 barrels per day in November. This makes possible an increase in daily crude oil production in Azerbaijan by 7,000 barrels in November to reach 647,000 barrels.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume. 

At the 19th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan has supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production from May next year.

That Declaration of Cooperation envisages increasing daily crude oil production volume in Azerbaijan every month from August to the end of the year and reducing the obligations related to cuts accordingly.

Moreover, from May 2022 to the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing base. In other words, the 718,000-barrel daily crude oil production in October 2018 in Azerbaijan will remain at the base level for determining the output level next year.