Baku: In March, Azerbaijan’s average daily crude oil production was reported to be 457,000 barrels. This figure was disclosed by APA-Economics, referencing the latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC).
According to Azeri-Press News Agency, the daily production figure for February was slightly higher at 458,000 barrels. Throughout the first quarter of the current year, the average daily production remained at 457,000 barrels, marking a decrease of 9,000 barrels from the first quarter of the previous year, which stood at 466,000 barrels.
The report also highlighted projections for 2025, estimating Azerbaijan’s average daily crude oil production to be 461,000 barrels, representing a reduction of 20,000 barrels compared to the 2024 figure. Azerbaijan continues to be a participant in the OPEC+ agreement, which includes OPEC and non-OPEC countries and aims to manage oil production levels to stabilize the market.
Under the current OPEC+ agreement, Azerbaijan’s production quota is set at 551,000 barrels per day until the end of 2026. The March production level showed a shortfall of 94,000 barrels compared to this quota, a gap that persisted throughout the first quarter of the year.