Organization of Petroleum Exporting Countries (OPEC) has increased its forecast for average daily oil production in Azerbaijan for 2020-2021.

Azerbaijan fulfilled its obligations under OPEC+ agreement in September 2020, Energy Ministry has reported.

OPEC has changed its forecast for average daily oil production in Azerbaijan for 2021.

Azerbaijan’s forecast for 2020-2021 average daily oil production is stable according to the U.S. Energy Information Administration report released in August.

The Organization of Petroleum Exporting Countries (OPEC) has increased its forecast for the average daily production of oil in Azerbaijan for 2020.

Azerbaijan’s obligations envisage the reduction of daily crude oil production in May through June 2020 by 23 percent – 164,000 barrels, Trend reports referring to the Azerbaijani Ministry of Energy.

The daily oil production amounted to 771,000 barrels in Azerbaijan in December 2019, Trend reports referring to the Azerbaijani Ministry of Energy.

Azerbaijan reduced its daily oil production by 20,000 barrels since January 2019, in line with the OPEC+ deal agreement that stipulates maintaining daily oil output at 776,000 barrels, the country’s Ministry of Energy has said in its official website.

Over the past nine months, Azerbaijan has fulfilled its oil production obligations under OPEC+ agreement by 145 percent, the Ministry of Energy said in a statement published in its official website.

Last year, the new OPEC+ deal was concluded, in which the countries of the cartel cut production by 800,000 barrels per day, and non-OPEC countries - by 400,000 per day. Following the meeting of the ministers of OPEC and non-OPEC in Vienna this July, the agreement on limiting oil production was extended until the end of the first quarter of 2020.