The country reduced oil exports by 13.9 percent year-on-year to 4.9 million tonnes and increased exports of natural gas by 19.4 percent to 3.96 bcm.

Oil and gas condensate production fell by 6.2 percent year-on-year to 5.465 million tonnes in January-February, while natural gas output rose by 12.4 percent to 7.684 bcm.

The loan will be available after an IMF board meeting in mid-May. The Fund's total disbursements under the programme will be about $430 million.

The bank raised the upper level of the rate corridor to 9.25 percent from 9.00 percent and the lower level - to 6.25 percent from 6.00 percent.

Oil production in February was below the country’s quota under OPEC+ commitments at 668,000 bpd. Azerbaijan is now set to produce 675,000 bpd in March and 682,000 bpd in April.