BAKU, Azerbaijan, March 25
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply (excluding condensates) stood at 0.59 million barrels per day in February 2021, unchanged from January 2021, Trend reports with reference to the International Energy Agency (IEA).
The country’s compliance with OPEC+ agreement in February 2021 was 102 percent and the average compliance was 100 percent, according to the IEA report.
Azerbaijan’s supply baseline amounts to 0.72 million barrels per day. The target for the January 2021 and February 2021 was 0.60 million barrels per day.
Azerbaijan supported the agreement reached at the 14th Ministerial Meeting of OPEC Plus on the continuation of existing quotas on daily crude oil production in April.
According to the new agreement, Azerbaijan's commitment of 123,000 barrels in April this year will remain unchanged as the first quarter of the current year. The daily crude oil production will be kept at the level of 595 barrels. In April, the daily crude oil production cuts of OPEC plus countries will make up 6.9 million barrels.
At the 12th Ministerial Meetings of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, it was agreed to increase the daily crude oil production by 0.5 million barrels in January 2021 and gradually mitigate the quotas up to 2 million barrels in the next months through the Ministerial Meetings of OPEC plus to be held in every month. At the 13th Ministerial Meeting of the OPEC plus countries, it was decided to reduce the daily crude oil production of OPEC plus countries by 7 million and 125,000 barrels in February and by 7 million and 50,000 barrels in March.
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