By Azernews

By Ayya Lmahamad

Azerbaijan's daily oil production, including condensate, amounted to 711,600 barrels in August, the Energy Ministry has reported.

Out of the total daily oil production, crude oil amounted to 596,100 barrels and condensate to 115,500 barrels.

It should be noted that according to the decision of the OPEC+ Ministers adopted in July 2021, Azerbaijan's production reduction commitment in August should have been 91,000 barrels, and daily crude production should have been increased by 7,000 barrels compared to July, up to 627,000 barrels. 

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume. Earlier, 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 the end of 2022, with partial adjustments to the base level of oil production from May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

The new 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.