Preliminary data from state-owned Socar showed crude production in Azerbaijan averaged 553,800 bpd in July, in line with its pledge to cap oil output at 554,000 bpd in May-July and 587,000 bpd in August-December. The country pumped 557,200 bpd of crude oil in May, above its agreed quota. Like many other participating OPEC+ producers, Azerbaijan' output caps are calculated based on the October 2018 baseline, when it produced 718,000 bpd of oil.
Azerbaijan's energy ministry has imposed a 120,000 bpd limit on crude production from Socar-operated fields and a 434,000 bpd cap on oil output from tBP-operated offshore Azeri-Chirag-Guneshli (ACG) development. Socar output was at 119,100 bpd in June, while ACG produced 434,700 bpd. The ministry has not published a breakdown for July crude production.
