In accordance with the Vienna agreement reached by OPEC and non-OPEC countries on December 10, 2016, Azerbaijan has submitted the data on oil output for February to the Joint Technical Commission of the Joint Monitoring Committee.
According to Energy Ministry, in February Azerbaijan produced 726,400 b/d of crude oil and 50,000 b/d of condensate, exported 604,100 b/d of crude oil, 50,000 b/d of condensate and 26,800 b/d of oil products.
Within the agreement to cut the output by 558,000 barrels a day, Azerbaijan fully fulfilled its obligation cutting output by 35,000 barrels a day. In January Azerbaijan produced 793,900 barrels of oil per day.
According to letter sent from Joint Monitoring Committee to the Energy Ministry, Azerbaijan fulfilled the obligation by 214%: “Azerbaijan is one of the countries playing leading role in this process and without contribution of such countries, OPEC and non-OPEC countries will fulfil the obligation less than 86%”.