Baku: Although the ‘OPEC+’ countries committed to reducing their oil production by 400,000 barrels per day in October 2025, they still exceeded the agreed production levels by approximately 470,000 barrels, as reported by APA-Economics, citing the International Energy Agency (IEA).

According to Azeri-Press News Agency, the target average daily production level for the ‘OPEC+’ countries was set at 36.28 million barrels, but actual production reached 36.74 million barrels. This indicates a surplus production of around 470,000 barrels per day above the planned level, despite voluntary reductions and compensation measures.

‘OPEC+’ is a coalition aimed at stabilizing the oil market through reduced production levels, comprising both OPEC member countries and non-member nations. Azerbaijan is among the participants in this agreement.

OPEC data shows that in October, Azerbaijan’s average daily crude oil production was 461,000 barrels. This figure falls short of Azerbaijan’s production quota under the ‘OPEC+’ agreement, which is set at 551,000 barrels per day until the end of 2026. Consequently, Azerbaijan’s production in October was 90,000 barrels below its quota.