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Monday August 15 2022

OPEC forecasts increase in liquids production in Azerbaijan in 2021

2 June 2021 10:00 (UTC+04:00)
OPEC forecasts increase in liquids production in Azerbaijan in 2021

By Ayya Lmahamad

Azerbaijan will increase the volume of liquid products by 0.06 mbd to average 0.76 mbd in 2021, according to estimates of Organization of Petroleum Exporting Countries (OPEC).

According to OPEC Monthly Oil Market report in May, Azerbaijan’s oil production declined by 0.06 mbd, year-over-year to average 0.73 mbd in 2020.

"In 2021, the average output of the first four months of the year reached 0.18 mbd, and even saw a record high in January at 193 tbd, mainly from the Shah-Deniz field in the Caspian," the report reads.

In April 2020, OPEC and non-OPEC countries entered into an agreement on the reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

In the second phase of the agreement, covering the period from August 1 to December 31, the daily production of crude oil in OPEC+ countries was reduced by 7.7 million barrels, which is 18 percent less than in October 2018.

According to the agreement reached at the 12th Ministerial Meeting, Azerbaijan had to increase daily oil production by 8,000 barrels and keep production at the level of 595,000 barrels in January.

Additionally, at the 13th Ministerial Meeting of the OPEC+ countries, it was decided to continue the existing quotas on daily crude oil production in February-March, and later, at the 14th Ministerial Meeting to continue with the existing quotas on daily crude oil production in April.

Earlier, Azerbaijan supported the OPEC+ agreement on increasing the crude oil production up to 1.1 million barrels in the next three months, reached at the 15th ministerial meeting. Under the new Declaration of Cooperation, the country’s daily crude oil production will be maintained at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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