Azerbaijan’s petroleum and other liquids production will stand at 0.75 million barrels per day in 2020, as compared to 0.79 million barrels per day in 2019, the US Energy Information Administration (EIA) said in its April Short-term Energy Outlook (STEO), Azernews reports.
This is while in its March STEO, EIA expected this figure to stand at 0.77 million barrels per day.
The country’s expected quarterly production for 2020 is as follows: 0.77 million barrels per day in the first quarter (Q1) of 2020, 0.76 million barrels per day in Q2, 0.74 million barrels per day and 0.75 million barrels per day in Q3 and Q4, respectively.
EIA forecasts that petroleum and other liquids production in Azerbaijan will decline in 2021 to stand at 0.73 million barrels per day.
The expected quarterly forecast for 2021 is 0.74 million barrels per day in the first two quarters and 0.75 million barrels per day in Q3 and Q4, respectively.
The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.
In accordance with the new declaration on cooperation adopted by OPEC+, Azerbaijan’s commitments on oil production volume increased by 7,000 barrels and have been set at 27,000 barrels a day.
A decision to further reduce the daily oil production by 500,000 barrels a day was made at the 7th OPEC and non-OPEC Ministerial Meeting on December 6, 2019.
Azerbaijan shall maintain daily oil production at 769,000 barrels till the end of the first quarter of 2020.
The daily oil production in Azerbaijan amounted to 750,600 barrels (667,400 barrels – crude oil, 83,200 barrels - condensate) for February 2020, according to Azerbaijan’s Ministry of Energy.
Of the total mentioned amount, export of produced crude oil amounted to 530,300 barrels, while export of condensate, and oil products amounted to 79,600 barrels and 12,400 barrels, respectively.
Azerbaijan has fulfilled its obligations to the OPEC, to maintain daily oil production in the amount of 769,000 barrels.