OPEC increases forecast for daily oil production in Azerbaijan
By Ayya Lmahamad
The Organization of Petroleum Exporting Countries (OPEC) has increased its forecast for the average daily production of oil in Azerbaijan for 2020.
According to the OPEC monthly report, for 2020 the country’s average daily oil production is expected to be 0.72 million barrels, compared to 0.70 million barrels forecast made in May.
Moreover, it is stated that in April, the average liquids output amounted to 0.79 million barrels.
Additionally, daily crude oil production declined by 5,000 barrels to average 0.67 million barrels, while condensates increased by 12,000 barrels to average 123,000 barrels per day.
It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.
In May Azerbaijan fulfilled its obligations to reduce oil production by 98 percent.
At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota by another month - until the end of July.
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