Azerbaijan fulfills its obligations to OPEC in June
The daily oil production in Azerbaijan amounted to 553,800 barrels in June 2020, according to the country's Energy Ministry.
Some 434,700 barrels out of the abovementioned volume were produced from the Azeri-Chirag-Gunashli (ACG) block of fields, 119,100 barrels - from the fields being developed by the State Oil Company of Azerbaijan SOCAR, as well as joint ventures and companies operating onshore.
As part of the process of reducing oil production by 9.7 million barrels per day under the agreement adopted on April 12 at the 10th OPEC and non-OPEC Ministerial Meeting, Azerbaijan reduced the crude oil production by 164,200 barrels per day in May.
Thus, the country fulfilled its obligations to decrease the production volume by 164,000 barrels by more than 100 percent.
As earlier reported, in May 2020, the country fulfilled its obligations to decrease the production volume by 164,000 barrels by more than 98 percent.
In accordance with the Declaration of Cooperation, which was an outcome of the Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting in December 2016, Azerbaijan that was producing 718,000 barrels of crude oil per day in October 2018, must maintain the production of crude oil in the volume of 554,000 barrels per day from May through July 2020.
To fulfill the obligations, the daily production of crude oil must be reduced from the level of October 2018 at ACG fields from 567,000 barrels to 434,000 barrels, from the deposits being developed by SOCAR, as well as by joint ventures and companies operating onshore - from 151,000 barrels to 120,000 barrels.
The agreement adopted on April 12 at the 10th OPEC and non-OPEC Ministerial Meeting envisaged a decrease in daily crude oil production by 9.7 million barrels from May through June.
At the 11th OPEC and non-OPEC Ministerial Meeting held on June 6, a decision was made to extend the term of these quotas for another month, until late July.