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Azerbaijan's compliance with OPEC+ deal 105% in Aug
BAKU. Sept 10 (Interfax) – Azerbaijan produced an average daily 596,100 barrels of oil in August compared to 606,000 barrels in July, the Azerbaijani Energy Ministry told Interfax.
"Daily production of oil with condensate amounted to 711,600 barrels in August 2021, including 596,100 barrels of oil and 115,500 barrels of condensate," the ministry said.
Azerbaijan’s daily oil production quota amounted to 627,000 barrels in August 2021, which means the country’s compliance with the OPEC+ deal was 105%.
"According to the new decision by OPEC+ ministers, Azerbaijan was required in August 2021 to cut oil output by 91,000 barrels per day from the October 2018 level of 718,000 barrels per day, so the country had the opportunity to raise output 7,000 bpd compared with July to 627,000 bpd," the ministry said.
The OPEC+ ministers on September 1 agreed to maintain the current plan to boost oil output by 400,000 bpd per month. As per the decision, Azerbaijan is entitled to raise oil output by 7,000 bpd per month in August-December 2021.
Azerbaijan’s July 2021 production quota was 620,000 bpd, so the quota could rise to 655,000 bpd by 2022.
