Coun­try ful­fills oil deal com­mit­ments

Azer News - - Front Page - By Sara Is­rafil­bay­ova

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 coun­try has pre­sented its data on daily oil out­put for Au­gust to the OPEC Joint Tech­ni­cal Com­mis­sion un­der the Mon­i­tor­ing Com­mit­tee, the Azer­bai­jani En­ergy Min­istry told Trend on Septem­ber 5.

Ev­ery day 617,600 bar­rels of oil, 30,800 bar­rels of con­den­sate and 6,600 bar­rels of oil prod­ucts were ex­ported.

The coun­try pro­duced 793,900 bar­rels of oil per day in Jan­uary 2017, 776,400 bar­rels per day – in Fe­bru­ary, 733,300 bar­rels per day – in March and 781,100 bar­rels per day – in April, 785,300 bar­rels per day – in May, 793,700 bar­rels per day - in June, 796,700 bar­rels per day - in July.

In Novem­ber 2016, the OPEC sum­mit was held in Vi­enna, where OPEC mem­bers reached an agree­ment on re­duc­ing oil out­put by 1.2 mil­lion bar­rels per day. In De­cem­ber 2016 was a meet­ing of oil pro­duc­ers out­side the OPEC. Fol­low­ing the meet­ing, was signed an agree­ment to re­duce oil pro­duc­tion by a to­tal of 558,000 bar­rels per day start­ing from Jan­uary 2017.

The deal par­tic­i­pants agreed to ex­tend the pro­duc­tion ad­just­ments for nine months, on May 25, 2017.

The next meet­ing of the Joint OPEC-Non-OPEC Tech­ni­cal Com­mit­tee (JTC) of OPEC is sched­uled for Septem­ber 22 in Vi­enna.The JTC ear­lier re­ported that the com­pli­ance level of OPEC and par­tic­i­pat­ing non-OPEC coun­tries has dropped from 98 per­cent in June to 94 per­cent in July.

En­ergy-rich Azer­bai­jan pro­duces three grades of crude oil Az­eri BTC, Az­eri Light, and Urals. The price of a bar­rel of Az­eri Light crude oil de­creased $0.15 to stand at $54.55 on the world mar­kets on Septem­ber 5.

Prior to the land­mark deal, the vol­ume of pro­duc­tion in the coun­try was at the level of 37.72 mil­lion tons of oil, while daily out­put stood at 829,100 bar­rels.

Mean­while, Azer­bai­jan’s en­ergy gi­ant SOCAR re­ported that it pro­duced nearly 631,500 tons of crude oil in Jan­uary-July of this year.

A to­tal of 3,339,000 mil­lion tons of oil was pro­duced in Azer­bai­jan in July. SOCAR re­ported that crude oil pro­duc­tion was 4.34 bil­lion tons in Jan­uary-July of this year and in to­tal 22.50 bil­lion tons.

SOCAR is a wholly state-owned na­tional oil com­pany head­quar­tered in Baku, Azer­bai­jan. The com­pany pro­duces oil and nat­u­ral gas from on­shore and off­shore fields in the Azer­bai­jani sec­tion of the Caspian Sea.

The com­pany in­cludes such pro­duc­tion as­so­ci­a­tions as Azneft (the en­ter­prises pro­duc­ing oil and gas on­shore and off­shore), Az­erikimya (the chem­i­cal en­ter­prises) and Az­eri­gas (dis­trib­u­tor of gas pro­duced in the coun­try), as well as oil and gas pro­cess­ing plants, ser­vice com­pa­nies, and the fa­cil­i­ties in­volved in geo­phys­i­cal and drilling op­er­a­tions.

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