Explanation

As per the OPEC + deal, Azerbaijan is obligated to decrease its daily oil production by 131,000 barrels from August and December

Additional information 

Multiple OPEC+ countries have recently announced additional voluntary cuts to their oil production, including:

• Saudi Arabia: 1,000 barrels per day
• Iraq: 220 barrels per day
• United Arab Emirates: 163 barrels per day
• Kuwait: 135 barrels per day
• Kazakhstan: 82 barrels per day
• Algeria: 51 barrels per day
• Oman: 42 barrels per day 

These cuts are in addition to the voluntary cuts that were previously announced in April 2023 and extended until the end of 2024.

The total cut is 5.86 million barrels per day, or about 5.7% of global demand. 

OPEC+ members agreed to extend these cuts until the end of 2025