BAKU, Azerbaijan, Sept.9
By Fidan Babayeva – Trend:
The daily production of oil (together with condensate) in Azerbaijan in August 2020 made up 669,100 barrels, Trend reports on Sept.9 referring to the Ministry of Energy.
Some 584,600 barrels out of the above volume were for crude oil and 84,500 barrels - for condensate.
According to the report, 460,400 barrels of crude oil accounted for "Azeri-Chirag-Gunashli" (ACG), while 124,200 barrels – for SOCAR.
Within the process of reduction of daily oil output under the “OPEC +” agreement by 7.7 million barrels from the level recorded in October, 2018, Azerbaijan cut daily crude oil output by 133,400 barrels in August, the ministry said.
According to the ”Declaration of Cooperation", Azerbaijan, where oil production amounted to 718,000 barrels of crude oil per day in October 2018, was to maintain the daily crude oil output at 587,000 barrels through reducing the crude oil production by 131,000 barrels from August through December of the current year.
“In order to fulfill the commitments, the daily crude oil production was reduced from 567,000 barrels to 461,000 barrels (by 196,000) at ACG and from 151,000 barrels to 126,000 barrels (by 25,000) at SOCAR in October, 2018,” noted the ministry.
The “OPEC +” agreement dated April 12 provides for a total reduction of 7.7 million barrels in the daily crude oil output.
On July 31 the first stage of the crude oil cut was completed. At the agreement’s second stage covering the period from August 1 through December 31, daily crude oil production in OPEC+ countries will reach 7.7 million barrels, which is 18 percent less than in October 2018.
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