Baku: In June of this year, Azerbaijan’s average daily oil production was approximately 460,000 barrels, which is 9,000 barrels less compared to May.
According to Azeri-Press News Agency, the International Energy Agency’s monthly report highlights this decline in production. Azerbaijan’s production quota, as agreed upon by the ministers of the ‘OPEC+’ countries-an alliance of OPEC and non-member countries participating in the oil production reduction initiative-is set at 551,000 barrels per day until the end of 2026.
Thus, in March of this year, Azerbaijan was 91,000 barrels below its quota within the ‘OPEC+’ framework. This shortfall highlights the challenges the country faces in meeting its designated production targets set by the international agreement.