Azerbaijan falls short of OPEC+ quota DATA FOR FEBRUARY

Azerbaijan's daily oil production reached 476,000 barrels in February 2025, according to the latest monthly report from the Organisation of the Petroleum Exporting Countries (OPEC).

This marks a slight decrease from December 2024, when production stood at 486,000 barrels, and from January 2025, which saw a production level of 467,000 barrels per day, Caliber.Az reports via local media.

The report also revealed that Azerbaijan's average daily oil production last year was 482,000 barrels, which represents a 22,000-barrel drop compared to 2023, when daily output reached 504,000 barrels.

Under the terms agreed upon during the 38th meeting of OPEC+ ministers—a coalition including OPEC members and non-member oil-producing nations—Azerbaijan's production quota is set at 551,000 barrels per day until the end of 2026.

As a result, Azerbaijan fell short of its OPEC+ target by 75,000 barrels per day in February.

Note that, during 38th online Ministerial Meeting of OPEC and non- OPEC countries it was agreed to continue the voluntary obligations of 8 countries - Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman - announced in April and November 2023.

Thus, the additional voluntary obligations of 1.65 million barrels per day announced by 8 countries in April 2023 will remain in effect until December 2026, and the additional voluntary abbreviations of 2.2 million barrels per day announced in November 2023 will remain in force until the end of March 2025.

These countries' cuts of 2.2 million barrels will be phased out on a monthly basis by the end of September 2026.

By Aghakazim Guliyev