EIA unveils daily oil production index in Q1 of 2024 in Azerbaijan

In the first quarter of this year, the average daily oil production in Azerbaijan was at the level of 470 thousand barrels, APA-Economics reports citing the monthly report of EIA.

According to information, the indicated indicator was 520 thousand barrels in the first quarter of 2023, 500 thousand barrels in the second quarter, and 490 thousand barrels in the third and fourth quarters.

It should be noted that in March of this year, the daily production of oil (including condensate) in the republic was 605,000 barrels, of which 481,000 barrels were crude oil and 124,000 barrels were condensate.

It should be noted that it is a participant in the "OPEC+" agreement (an initiative to reduce oil production involving OPEC and non-OPEC countries). According to the agreement reached at the 36th meeting of the ministers of "OPEC+" countries, Azerbaijan's production quota for 2024 is 551 thousand barrels per day.