Azerbaijan stuck to Opec+ quota in July: Socar

Azerbaijan produced 553,800 b/d of crude last month, unchanged from June and fully in line with its Opec+ commitment, according to preliminary data from state-owned oil firm Socar. The country's energy ministry has yet to disclose its assessment of July's crude production and compliance.

The latest Opec+ deal requires Azerbaijan to cap its crude output at 554,000 b/d in May-July and at 587,000 b/d in August-December. The country went slightly above its quota in May with production of 557,200 b/d.

Crude output reduction obligations for most of the participating countries are calculated from a baseline of October 2018, when Azerbaijan produced 718,000 b/d.

Azerbaijan's energy ministry said in June that it would mandate a 434,000 b/d limit on crude production from the BP-operated Azeri-Chirag-Gunashli (ACG) oil complex in the Caspian Sea and a 120,000 b/d cap on output from Socar-operated fields. ACG output was 434,700 b/d in June, and production from Socar-operated fields was 119,100 b/d. The breakdown for July has not been disclosed yet.

By Anastasia Krasinskaya