09/10/2021 | Press release | Distributed by Public on 09/10/2021 07:17
In August 2021, daily oil production (including condensate) in Azerbaijan amounted to 711.6 thousand barrels, including 596.1 thousand barrels' crude oil and 115.5 thousand barrels' condensate.
According to the decision adopted at the Ministerial Meeting of OPEC plus countries in July this year, Azerbaijan's commitment to cut output in August was 91 thousand barrels, and daily crude oil production was planned to increase by 7 thousand barrels compared to July, reaching 627 thousand barrels.
It should be reminded that at the 19th Ministerial Meeting of OPEC plus countries held in July, starting from August, the decision was made to increase the daily crude oil production by 400,000 barrels per month, complete the cuts in the volume of 5.8 million barrels in September 2022 and extend the term of the 'Declaration of Cooperation' by the end of 2022 with partial adjustments to the base level of oil production from May next year. As long as this decision is in force, Azerbaijan has been able to increase its daily crude oil production by about 7,000 barrels per month and, accordingly, reduce its commitment of output cut.