12:50 - 15.05.2020

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May 15, Fineko/abc.az. Azerbaijan, which has undertaken the commitment concerning the stabilization of the world oil market for the first time, has been reducing daily oil production in accordance with its quota since 1 May.

ABC.AZ reports that the above-said statement was made by Azerbaijani Energy Minister.

He noted that Azerbaijan, seeking the participation of foreign and local oil producers in this process on equal terms, aims to fulfill all the obligations of the oil sector.

"In the first decade of this May the level of fulfillment of Azerbaijan's obligations is 98%. Our main goal is to contribute to the oil market by taking all necessary measures to cut the daily production of 164,000 bpd in May and June 2020," the minister said.

Parviz Shakhbazov also noted that Azerbaijan, whose daily crude oil production in October 2018 was 718,000 barrels, should reduce production from this level in May and June by 164,000 barrels under the new agreement: "During this period Azerbaijan should maintain daily crude oil production in the amount of 554,000 barrels. Azerbaijan's obligations in July - December were set at the level of 131,000 barrels, and in 2021 and April 2022 - at the level of 98,000 barrels. According to quotas, the daily production of crude oil in our country should not exceed 587,000 tons by the end of July and 620,000 barrels in January 2021 - April 2022."