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Azerbaijan starts fulfilling oil production cut undertakings

January 10, 2017, 16:36 UTC+3 BAKU
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BAKU, January 10. /TASS/. Azerbaijan has initiated reduction of oil production in accordance with agreements reached between OPEC and non-OPEC countries, press secretary of Azerbaijani Energy Ministry Zamina Alieva told TASS on Tuesday.

"Azerbaijan started the process of oil production cut from January 1 in agreed volumes in line with the arrangement in OPEC framework," the ministry’s official spokesperson said.

Agreed oil production reduction is 35,000 barrels daily for Azerbaijan, Alieva added.

The OPEC decided to cut oil output for the first time since 2008 to 32.5 million barrels per day in November. The decision obliges OPEC member-states to reduce their average daily crude output almost by 1.2 million barrels.

In early December, 11 non-OPEC countries joined the output reduction plan - Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. Considering these countries, oil output will be cut by 1.7-1.8 million barrels per day in the first half of 2017.

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