BAKU, January 12. /TASS/. Azerbaijan failed to meet its quota on oil production cuts as part of the OPEC+ deal framework, the Energy Ministry of the country said.

"Daily oil production in Azerbaijan stood at 482,000 barrels in December. The Azerbaijani oil production quota until the end of 2023 was determined within the OPEC+ cooperation framework as 684,000 barrels per day," the ministry said. Azerbaijan overproduced its monthly quota in December 2023 by 202,000 barrels per day.

According to the Energy Ministry, total oil and condensate production in Azerbaijan amounted to 604,000 barrels per day in December 2023, with condensate production at 122,000 barrels daily.

The country’s 2024 OPEC+ quota is fixed at 551,000 barrels per day.