Azerbaijan meets Opec+ quota

Azeri crude production was unchanged from June at 553,800 b/d last month, in line with the country's commitment to the Opec+ agreement, according to preliminary data from state-owned Socar. Azerbaijan's energy ministry has not yet disclosed its assessment of July crude output and compliance. The country pledged to cap crude production at 554,000 b/d in May-July, rising to 587,000 b/d in August-December. Azerbaijan exceeded its agreed quota in May with output of 557,200 b/d. Most of the participating Opec+ countries' production caps are calculated against an October 2018 baseline, when Azeri output was 718,000 b/d. Azerbaijan's energy ministry has imposed a 434,000 b/d limit on crude production from the BP-operated offshore Azeri-Chirag-Guneshli (ACG) development and a 120,000 b/d cap on output from Socar-operated fields. ACG produced 434,700 b/d in June with Socar output at 119,100 b/d. A breakdown for July crude production has not been disclosed yet.