OPEC: Azerbaijan increases its daily oil production

In August of this year, the average daily crude oil production in Azerbaijan was at the level of 489,000 barrels, which is 1,000 barrels more in comparison with May, APA-Economics reports citing the monthly report of the Organization of the Petroleum Exporting Countries (OPEC).
According to the report, in July of this year, oil production in Azerbaijan amounted to 488 thousand barrels.
It was noted that in the first quarter of this year, the average daily oil production in Azerbaijan was 477 thousand barrels, and in the second quarter it was at the level of 474 thousand barrels, which means a slight decrease.
Note that Azerbaijan's daily crude oil production quota for 2024 is 551,000 barrels within the framework of "OPEC+" cooperation (an initiative to reduce oil production involving OPEC and non-OPEC states).
Thus, in August, Azerbaijan was 62 thousand barrels behind its quota within the framework of "OPEC+".


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