Azerbaijan boasts strong overcompliance with OPEC output cut deal

The Azeri Energy Ministry said late-Monday that a letter it had received from the Joint Monitoring Committee praised the country for complying ‘214 percent’ with its share of cuts.

Azerbaijan cut its crude oil production in February to 726,400 bpd, compared to 793,000 bpd in January, the Azeri Energy Ministry added.

According to AzerNews, before the start of the OPEC-non-OPEC deal in January, Azerbaijan was producing around 829,100 bpd of oil. In the middle of February, Azerbaijan signaled it was ready to make additional production cuts to help oil prices stabilize and the glut clear out, oilprice.com reports.