Azerbaijan oil output holds steady at 470,000 bpd

The average daily oil production in Azerbaijan stood at around 470,000 barrels in March, unchanged from February 2026, according to the International Energy Agency (IEA), Report informs.

The country's production remains below its OPEC+ quota of 551,000 barrels per day for this year.

The IEA noted that global oil supply fell sharply in March by 10.1 million barrels per day to 97 million bpd, marking what it described as the largest disruption in history. The decline was attributed to attacks on energy infrastructure in the Middle East and restrictions on tanker movements through the Strait of Hormuz.

According to the data, OPEC+ output dropped by 9.4 million barrels per day to 42.4 million, while non-OPEC+ supply decreased by 770,000 barrels per day to 54.7 million, as declines in Qatar outweighed growth in Brazil and the United States.

On February 28, the US and Israel launched military operations against Iran. That same day, Iranian Supreme Leader Ali Khamenei was killed in the strikes. In retaliation, Iran launched missile and drone strikes on Israel and other countries of the region housing US military assets.

Iran, the US, and their allies agreed to a two-week ceasefire on the night of April 8, 2026.

Subsequent negotiations between Iran and the US, mediated by Pakistan, were held in Islamabad on April 11-12.