Baku: In July, Azerbaijan’s daily oil production averaged 462,000 barrels, marking a decrease of 1,000 barrels compared to June.
According to Azeri-Press News Agency, this information comes from the monthly report of the Organization of the Petroleum Exporting Countries (OPEC).
Daily oil production in Azerbaijan for the second quarter of this year also averaged 462,000 barrels, showing a reduction of 5,000 barrels from the first quarter’s average of 467,000 barrels. Last year, Azerbaijan’s daily oil production averaged 482,000 barrels, which is 22,000 barrels less compared to the average production in 2023, which stood at 504,000 barrels.
The report further highlights that Azerbaijan’s production quota, as per the agreement reached by the ministers of the ‘OPEC+’ countries, is set at 551,000 barrels per day until the end of 2026. Consequently, Azerbaijan’s output in July was 89,000 barrels per day below its ‘OPEC+’ quota.