Baku, Azerbaijan, Jan. 29
By Azad Hasanli – Trend:
The Azerbaijani state oil company SOCAR exported 23.88 million tons of oil and 1.8 million tons of oil products in 2018, Trend reports referring to the company on Jan. 29.
For comparison: the volume of oil export reached 20.7 million tons, oil products - 1.5 million tons of oil in 2017.
SOCAR extracted 7.54 million tons of oil on the offshore and onshore fields of the country in 2018, which is 1.6 percent more than in 2017.
SOCAR produced 7.43 million tons of oil in 2017 compared to 7.52 million tons in 2016.
In 2018, 38.81 million tons of oil were produced in Azerbaijan, which is similar with the volume produced in 2017.
In early December 2018, the countries involved in the OPEC + deal decided to reduce the total oil production by 1.2 million barrels per day since January 2019.
The oil reduction will be valid for six months. OPEC countries will reduce oil production by 800,000 barrels, while non-OPEC producers - by 400,000 barrels.
Azerbaijan pledged to reduce oil production since January 2019 by 20,000 barrels up to 776,000 barrels per day upon the OPEC + deal.
Earlier, in December 2016, Azerbaijan and other countries that are non-OPEC producers already agreed to reduce oil production by 558,000 barrels per day. This agreement was extended several times and was valid until the end of 2018.
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