BAKU, Azerbaijan, August 11. Azerbaijan’s oil supply (excluding condensates) stood at 0.56 million barrels per day in July 2022, as compared to 0.52 million barrels per day in June 2022, Trend reports with reference to the International Energy Agency (IEA).
The country’s compliance with OPEC+ agreement in July 2022 was 1301 percent, according to the IEA report.
Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement. Azerbaijan’s daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 mb/d for the month of September 2022.
This adjustment does not affect the baselines decided on the Meeting on 18 July 2021. The meeting participants reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
The target for July 2022 was 0.71 million barrels per day.
---
Follow the author on Twitter: @Lyaman_Zeyn