S&P: Azerbaijan keeps oil production stable

In March of this year, Azerbaijan maintained its daily oil production at 480,000 barrels, unchanged from the previous month.

Report informs citing a study by S&P Global Commodity Insights that this figure lags behind the OPEC quota by 71,000 barrels per day.

Azerbaijan's quota for daily oil production is 551,000 barrels.

As a number of producers continue to exceed their quotas, OPEC+ slightly increased crude oil production in March compared with the previous month, according to the study. Despite Saudi Arabia's compliance efforts, OPEC+ countries produced 41.25 million barrels of crude oil per day in March, up 40,000 barrels from February.

This suggests that OPEC production increased by 80,000 barrels per day, to 26.66 million barrels.