Azerbaijani crude oil export declined by 4.2 % in January 2019

Azerbaijani crude oil export declined by 4.2 % in January 2019

The daily volume of oil production in Azerbaijan for January 2019 totaled 793 thousand barrels, including 720 thousand barrels of crude oil and 73 thousand of gas condensate. The Ministry of Energy reports that 598 thousand barrels of crude, 73 thousand barrels of condensate and 16 thousand barrels of oil products were exported in January.

According to the Ministry, Azerbaijan produced 814.6 thousand barrel oil per day including 759.7 thousand barrels of crude oil and 54.9 thousand of gas condensate. Meanwhile, Azerbaijan exported daily 624.2 thousand barrels of crude oil, 54,9 thousand barrels of condensate and 14,3 thousand barrels of oil products.

According to the official statistics, Azerbaijani crude oil export declined by 4.2 % in January 2019 compared with the same month of 2018. In the intervening time, export of condensate declined by 25.0 in the first month of 2019 compared with January 2018.
As a whole, in 2018 the daily oil production reached 792,600 barrels and in 2017 – 781,900 barrels.

The OPEC/NOPEC Ministerial Meeting was held on 10 December 2016. Following the meeting the countries signed an agreement on the coordinated reduction of oil production. The reduction of oil production for OPEC countries is about 1.2 million bpd that conforms to the level of production of 32.5 million bpd. The non-OPEC countries reduce oil production by 558,000 bpd. The agreement was concluded for the 1st half of 2017 and envisaged the possibility of extending its term.

During the 172nd Ministerial Meeting in Vienna on 25 May 2017 the OPEC/NOPEC countries agreed to extend above-said agreement by 9 months (until the end of March 2018) and at the Ministerial Meeting in Vienna on 30 November 2017 – agreed to extend this agreement until the end of 2018.

On 7 December 2018 in Vienna the OPEC states agreed on oil production cuts by 1.2 million barrels. Azerbaijan undertook to cut oil production by 20,000 barrels.

© CESD 2019

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