Azerbaijan's July crude oil output less than OPEC quota

Azerbaijan produced 659,000 barrels of oil (including condensate) per day in July, down 58,000 barrels or 8.09% from the same period of 2021, reported from the Energy Ministry.

Of this, 549,900 barrels were crude oil, and 109,100 barrels - condensate, 9.26% and 1.71%, respectively, less than a year earlier. 

In July 2021, daily oil production (including condensate) across the country was 717,000 barrels (606,000 barrels of crude oil, and 111,000 barrels of condensate).

On June 2, 2022, OPEC member and non-member countries made a decision to increase daily oil production by 648,000 barrels in July. According to the new agreement, daily crude oil production in Azerbaijan will be increased by 10,000 barrels to 706,000 barrels in accordance with the quotas set for July, and the commitment to cut the output will be 12,000 barrels.

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