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Azerbaijan starts execution of its obligations regarding oil production

01 May 2020 09:33 (UTC +04:00)

Azerbaijan has started the process of cutting oil production within the framework of OPEC+ Agreement from today, the Ministry of Energy told APA-Economics.

In May-June, obligations on OPEC+ Agreement consider cutting daily oil production by 9,7 mln. barrels, which is 23% less from indicator of October of 2018, and by 164 thousand barrels for Azerbaijan. Obligations of Azerbaijan, of which crude oil production was 718 thousand barrels in October of 2018, have been determined 131 thousand barrels for July-December, which is 18% less, and 98 thousand barrels for 2021 and April of 2022, which is 14% less.