BAKU (Pakistan Point News / Sputnik - 10th April, 2020) OPEC+ countries that agreed on the new deal on oil output cuts will not take condensate into account when reducing their production, the press service of the Azerbaijani Energy Ministry told Sputnik on Friday.
"OPEC and non-OPEC production quotas include only crude oil. Volumes of condensate are not taken into account in these obligations," the ministry said.
Earlier on Friday, the OPEC+ states concluded their extraordinary meeting on the new oil output cuts deal, which resulted in the adoption of an agreement that will be implemented only if Mexico, which had withdrawn from the negotiations due to disagreements over some provisions, commits to the deal.
The new agreement envisages a three-stage reduction of oil production compared to the level of October 2018. If implemented, the OPEC+ countries will decrease their daily oil output by 23 percent, or 10 million barrels compared to October 2018, according to the Azerbaijani Energy Ministry. Meanwhile, Mexican Energy Minister Rocio Nahle said that the country was ready to reduce the national oil production by only 100,000 barrels per day in May-June.
