Azerbaijan fulfills commitments under OPEC oil deal for September

Baku, October 3, AZERTAC Azerbaijan submitted the daily oil production data for August 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cut oil output, Azerbaijan’s Energy Ministry said. Azerbaijan, one of oil-producing nations that struck a deal to cut output along with OPEC states, keeps meeting commitment under the deal. Daily oil production in Azerbaijan amounted to 734,800 barrels in August, 704,000 barrels of which were crude oil and 30,800 barrels-condensate. The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day. The Energy Ministry also said 617,600 barrels of oil, 30,800 barrels of condensate and 6,600 barrels of petroleum products were exported daily in August. Azerbaijan completely fulfils its obligations to reduce oil production by 35,000 barrels per day, the ministry said, adding the country was producing 793,900 barrels of oil per day in January, 776,400 barrels per day in February, 733,300 barrels per day in March, 781,100 barrels per day in April and 785,300 barrels per day in May, 793,700 barrels of oil per day in June and 796,700 barrels of oil per day in July. The Joint Technical Committee was created on January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production. In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017 and on May 25, 2017, it was extended by late 1Q2018.