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OPEC Lowered Its Forecast For Average Daily Oil Production In Azerbaijan For 2021

OPEC Lowered Its Forecast For Average Daily Oil Production In Azerbaijan For 2021

OPEC lowered the forecast for average daily oil production in Azerbaijan for 2021 by 0.01 million barrels. It will amount to 710 thousand barrels, according to the September report of the organization.

According to OPEC forecasts, in 2020, the average daily production of oil and liquid hydrocarbons in Azerbaijan will be 720 thousand barrels, which coincides with the previous forecast.

Earlier, the press service of the Ministry of Energy of Azerbaijan told RIA Novosti that following the new Declaration on cooperation, the country, having fulfilled its obligations in may-June in the amount of 164 thousand barrels, must maintain daily oil production at the level of 554 thousand barrels. In August-December, according to OPEC+ obligations, the volume of reduction is 131 thousand barrels, daily production should remain at the level of 587 thousand barrels.

Liquids output in Azerbaijan in June shows a m-o-m decline of 0.02mb/d to average 0.68mb/d, and continues more or less at the same level in July while the preliminary output in August indicates m-o-m growth of 0.03 mb/d to average 0.70 mb/d. Crude oil production was adjusted down to average 573 tb/d, 564 tb/d, 552 tb/d and 585 tb/d in May to August, respectively, compared to 684 tb/d in April. For 2020, in line with the decisions of the DoC for crude oil production adjustment, liquids production is forecast to decline by 0.07 mb/d to average 0.72mb/d, while for 2021, a minor decline of 0.01 mb/d is anticipated.

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