Azerbaijan overfulfills obligations under OPEC+ deal

Azerbaijan produced 684,100 barrels of oil per day, including condensate in February 2022, of which 566,300 barrels accounted for crude oil and 117,800 barrels were condensate, according to the country’s Energy Ministry.

In accordance with the decision taken at the 24th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 50,000 barrels in February. The country's oil production quota in February was 668,000 barrels or 7,000 barrels more month-on-month.

As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 117.95%.

Azerbaijan supported decision adopted at the 26th Ministerial Meeting of OPEC and non-OPEC countries to increase daily oil output by 400,000 barrels in April 2022.

The new Declaration of Cooperation envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in March this year to reach 682,000 barrels, while the reduction commitment is 36,000 barrels.

At the 19th Ministerial Meeting of OPEC+ countries held in July 2021, the agreement was achieved to increase the daily crude oil production by 400,000 barrels per month, up to 5.8 million barrels starting from August 2021, complete the cuts in the production volume in September 2022 and extend the term of the “Declaration of Cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.