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Azerbaijan to cut oil production in 2024, following OPEC+ decision

Economy Materials 4 June 2023 20:30 (UTC +04:00)
Azerbaijan to cut oil production in 2024, following OPEC+ decision
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 4. Azerbaijan is expected to adjust its crude production to 551,000 barrels per day throughout 2024, Trend reports.

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.

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