BAKU, Azerbaijan, September 8. Azerbaijan's oil production volume in August remained steady at 500,000 barrels per day, matching July's output, Trend reports referring to estimates of S&P Global Platts.
Azerbaijan's daily crude oil production quota stands at 684,000 barrels. Therefore, during the specified period, Azerbaijan's actual production fell short by 184,000 barrels compared to the established quota.
OPEC+ crude oil production saw a 120,000 barrel per day increase in August. This uptick was attributed to rising output from Iran, Iraq, and Nigeria, which more than offset further production cuts made by Saudi Arabia and Russia.
Over 65 percent of Azerbaijan's oil production originates from the Azeri-Chirag-Gunashli block of fields. As of 2022, Azerbaijan's proven oil reserves remain estimated at 7 billion barrels, a figure unchanged from 2021.
Looking ahead to 2024, OPEC expects Azerbaijan's liquids supply to experience a decline of approximately 30,000 b/d, resulting in an average of 0.7 mb/d.
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