OPEC expects Azerbaijan’s liquids output to decline in 2020

OPEC expects Azerbaijan’s liquids output to decline in 2020

BAKU, Azerbaijan, May 13

By Leman Zeynalova – Trend:

OPEC expects Azerbaijan’s liquids production to drop by 0.09 million barrels per day in 2020, as compared to 2019, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).

“For 2020, due to planned maintenance at the Chirag oil field and Shah Deniz gas-condensate field and considering the agreed voluntary adjustment, production is forecast to decline by 0.09 million barrels per day to average 0.70 million barrels per day,” reads the report.

OPEC estimates that Azerbaijan’s liquids output in March was up by 0.01 million barrels per day month-on-month to average 0.79 million barrels per day, lower by 0.03 million barrels per day year-on-year.

While crude oil production grew by 16,000 barrels per day to average 0.67 million barrels per day, natural gas liquids (NGLs) and condensates dropped by 3,000 barrels per day, to average 114,000 barrels per day, said the cartel.

Azerbaijan produced 771,400 barrels of oil per day, including 679,800 barrels of crude oil and 91,600 barrels of condensate, according to the Energy Ministry.

The country exported 640,300 barrels of crude oil, 86,000 barrels of condensate,23,600 barrels of oil products per day.

Azerbaijan joined the Declaration of Cooperation, which was adopted after the ministerial meetings of the OPEC + countries (held on April 9 and April 12, 2020) and envisioned a cut in oil output by 9.7 million barrels per day (bpd) from May through June, 7.7 million bpd from July through December, and by 5.8 million bpd from January 2021 through April 2022.

In accordance with a new OPEC+ deal, Azerbaijan shall reduce oil production by 164,000 barrels from May through June 2020 against 718,000 barrels of crude oil produced in October 2018. During this period, Azerbaijan should maintain the daily crude oil production at the level of 554,000 barrels.

Azerbaijan’s obligations made up 131,000 barrels from July through December 2020, and 98,000 barrels from January 2021 through April 2022.

According to the quotas, the daily crude oil production in Azerbaijan from early July through December this year shouldn’t exceed 587,000 bpd, and from January 2021 through April 2022 – not more than 620,000 bpd.

Since May 1, joint ventures and operating companies of Azneft production association have been carrying out a process of daily production cut at the Azeri-Chirag-Guneshli fields.

Follow the author on Twitter:@Lyaman_Zeyn

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