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Azerbaijan Oil Production Slips Further in June

OIL

Azerbaijan pumped 610kbpd of oil in June, down from 612kbpd in May and down by 3.54% year on year according to the energy ministry.

  • Output in June comprised 500kbpd of crude and 110kbbpd of condensate.
  • Under the latest OPEC+ supply deal, the country agreed to produce 684kbpd of crude in 2H23.
  • Azerbaijan pumped 12.7mn tons of crude and condensate in the Jan-May, down from 13.9mn tons a year earlier.
  • The country’s largest oil project – Azeri-Chirag-Gunashli – is in natural production decline.

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