OPEC reveals forecasts for Azerbaijan’s oil output

OPEC reveals forecasts for Azerbaijan’s oil output

BAKU, Azerbaijan, Jan. 15

By Leman Zeynalova – Trend:

Azerbaijan’s oil supply is expected to remain unchanged in 2020, Trend reports citing OPEC Oil Market Report.

“Azerbaijan’s liquids output in November was up by 0.07 tb/d m-o-m to average 0.81 mb/d, with an increase in crude oil production by 51 tb/d to average 687 tb/d and by 15 tb/d for NGLs to average 123 tb/d. However, crude oil output in November was lower by 37 tb/d than a year ago. Nonetheless, NGLs output increased by 30 tb/d y-o-y to a new record of 123 tb/d, mainly coming from the Shah Deniz gas-condensate field in the Caspian Sea,” said the cartel.

For 2019, Azerbaijan’s oil supply is estimated to have declined by 0.01 mb/d to average 0.79 mb/d, and is forecast to remain unchanged in 2020, according to the report.

The forecast was adjusted to 796 tb/d in 1Q20, in line with the Declaration of Cooperation.

Azerbaijani Ministry of Energy has said that the daily oil production amounted to 771,000 barrels in Azerbaijan in December 2019.

Some 680,000 of that volume accounted for crude oil while 91,000 barrels were condensate.

Some 457,000 barrels of crude oil, 84,000 barrels of condensate, 19,900 barrels of oil products were exported daily.

Azerbaijan has completely fulfilled its commitments to reduce production by 20,000 barrels per day as part of the agreement on the preservation of daily oil production in the volume of 776,000 barrels dated December 7, 2018.

A decision to further reduce the daily oil production by 500,000 more barrels was made at the 7th OPEC and non-OPEC Ministerial Meeting on December 6, 2019.

In accordance with the new "Declaration on Cooperation", Azerbaijan’s commitment of reducing oil production volume is set at 27,000 barrels.

Azerbaijan must produce 769,000 barrels of oil daily from January 2020.

---

Follow the author on Twitter: @Lyaman_Zeyn

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