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Azerbaijan exceeded its OPEC+ obligations in August

09 September 2020 09:12 (UTC +04:00)

Daily oil production has been 669,1 thousand barrels (with condensate) in Azerbaijan in August of this year, the Ministry of Energy told APA-Economics.

584,6 thousand barrels of it have been made up by crude oil, while 84,5 thousand barrels condensate.

460,4 thousand barrels of crude oil fall to the share of Azeri-Chirag-Gunashli, while 124,2 thousand barrels to SOCAR (Azneft Production Unit (PU), JV, and Operation Company (OC)).

The report says in the framework of process of reduction by 7.7 mln. barrels of the level of daily oil production recorded in October, 2018 under the OPEC plus agreement, Azerbaijan reduced daily crude oil production by 133.4 thousand barrels in June.

According to the Cooperation Declaration, Azerbaijan whose daily crude oil production was 718 thousand barrels in October, 2018, should keep the daily crude oil production in the volume of 587 thousand barrels during August-December of the current year by decreasing by 131 thousand barrels. In order to fulfill the obligations, the daily crude oil production should be reduced from the levels recorded in October, 2018, i.e. from 567 thousand barrels to 461 thousand barrels at ACG field and from 151 thousand barrels to 126 thousand barrels at SOCAR company (Azneft Production Unit (PU), JV and Operation Company (OC)) and should be kept at the reduced level.