OPEC predicts oil production volume in Azerbaijan in 2020
By Leman Mammadova
OPEC predicts average daily oil production in Azerbaijan at the level of 0.79 million barrels in 2020, says the cartel’s monthly report.
“Azerbaijan’s average daily oil production is projected at 0.8 million barrels per day in 2019. A slowdown in production rates is expected in 2020, when this figure will drop to 0.79 million barrels,” says the message.
According to the report, no significant reduction in production is expected in 2020.
Meanwhile, the world demand for oil in 2019 will grow by 1.14 million barrels per day - up to 99.87 million.
In 2020, the first estimates show that the growth in oil consumption will also be 1.14 million barrels per day; thus, the demand for oil in the world will exceed the level of 100 million and reach 101.01 million.
Preliminary data show that the oil reserves in the world increased by 41.5 million barrels, up to 2.9 billion barrels in May, which is 97 million barrels higher than a year earlier and 25 million barrels higher than the average five-year level.
The world’s major oil producers reached a deal to reduce oil production by 1.2 million barrels per day at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December 7, 2018. The agreement came into force on January 1, 2019.
Azerbaijan also supported the decision to reduce oil production and joined the agreement to support the process of world oil market regulation. As part of the agreement, Azerbaijan reduced daily production by 20,000 barrels to 776,000 barrels since January 1, 2019.
Earlier, the Ministry of Energy of Azerbaijan reported that the average daily production in Azerbaijan in January-June 2019 amounted to 771,000 barrels. The daily volume of oil production in Azerbaijan in June 2019 amounted to 768,000 barrels against 776,000 barrels per day in May this year.
It is noteworthy that the average daily oil production in Azerbaijan amounted to 792,600 barrels in 2018.
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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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