A British Petroleum-led project in Azerbaijan will have to cut production in May for the first time as Azerbaijan will need to take drastic measures to meet its new quota under the OPEC production cut deal, three sources told Reuters on Thursday. This is rare for Big Oil, who is typically exempt from such production restrictions because countries need these big oil players in their backyards to develop oil resources. Big Oil has never seen a mandatory production cut in Azerbaijan. But these are unprecedented times, and we are seeing a lot of firsts, including this week the first time that WTI oil futures went deep into negative territory. The most recent production cuts that are set to go into effect on May 1 call for some significant cuts—and Azerbaijan can’t cut enough without enlisting the help of BP and its partners in the project, which include Equinor, Chevron, […]