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Azerbaijan to Keep Oil Production Quota within OPEC + at January level for February-March

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Azerbaijan’s obligations under the OPEC + deal on oil production in February-March will remain at the January level

According to the Azerbaijani Energy Ministry, at the 13th meeting of the OPEC + ministers on Tuesday, a decision was made to extend the existing quotas for daily oil production for February-March.

According to the agreements, the OPEC + countries will reduce daily oil production by 7.125 million b/d in February and by 7 million 50 thousand b/d in March. “The commitments of Azerbaijan to reduce production by 123 thousand bpd for January this year will remain unchanged for February-March,” the ministry said.
Thus, in the next two months, Azerbaijan will maintain daily oil production (excluding condensate indicators – Turan) at 595 thousand bpd. 

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