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IEA evaluates Azerbaijan’s OPEC+ compliance

Oil&Gas Materials 13 April 2022 15:02 (UTC +04:00)
IEA evaluates Azerbaijan’s OPEC+ compliance
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, April 13. Azerbaijan’s oil supply (excluding condensates) stood at 0.58 million barrels per day in March 2022, as compared to 0.57 million barrels per day in February 2022, Trend reports with reference to the International Energy Agency (IEA).

The country’s compliance with OPEC+ agreement in March 2022 was 321 percent, according to the IEA report.

The target for February and March 2022 was 0.67 million barrels per day and 0.68 million barrels per day, respectively.

The decision adopted at the 27th meeting of the Organization of Petroleum Exporting Countries members and allies (OPEC+) provides for increasing daily oil production in Azerbaijan by further 7,000 barrels in May 2022.

Daily oil output is planned to reach 688,000 barrels whilst the reduction commitment is provided at the level of 30,000 barrels.

Azerbaijan supported the decision to increase daily oil extraction by 432,000 barrels in May 2022.

The 28th OPEC+ Ministerial Meeting will be held on May 5.

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