Azerbaijan to cut oil production

Azerbaijan is expected to adjust its crude production to 551,000 barrels per day throughout 2024.

The overall crude oil production level for both OPEC and non-OPEC countries will be set at 40.46 mb/d, as the block agreed, following 35th Ministerial Meeting held this weekend.

Earlier, OPEC predicted Azerbaijan's liquids supply for 2023 to rise by 37,000 b/d to average 0.7 mb/d.

Meanwhile, daily crude oil production in Azerbaijan in April 2023 amounted to 512,000 b/d. The country’s daily oil production, including condensate, reached 626,000 b/d.