BAKU, Azerbaijan, June 9
By Leman Zeynalova - Trend:
Azerbaijan’s petroleum and other liquids production will stand at 0.73 million barrels per day in 2020, as compared to 0.79 million barrels per day in 2019, the US Energy Information Administration (EIA) said in its June Short-term Energy Outlook (STEO), Trend reports.
This is while in its May STEO, EIA expected this figure to stand at 0.71 million barrels per day.
The country’s expected quarterly production for 2020 is as follows: 0.78 million barrels per day in the first quarter (Q1) of 2020, 0.71 million barrels per day in Q2, 0.70 million barrels per day and 0.72 million barrels per day in Q3 and Q4, respectively.
EIA forecasts that petroleum and other liquids production in Azerbaijan will rise in 2021 to stand at 0.75 million barrels per day, as compared to 0.74 million barrels per day in the previous STEO.
The expected production volume for all quarters of 2021 is 0.75 million barrels per day.
The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.
Azerbaijan has supported the extension of OPEC+ deal by the end of July.
The videoconference of OPEC and non-OPEC countries’ ministers decided to extend the deal to cut daily oil output by 9.7 million barrels by another month, till July 31.
It was agreed that the countries, which have failed to fully implement their obligations from May through June, will compensate this in July, August and September.
OPEC members will reduce daily oil production by 6.084 million barrels, while non-OPEC countries will cut their output by 3.616 million barrels per day.
Saudi Arabia, Kuwait and Oman will decrease daily oil production by additional 1.2 million barrels in June.
Azerbaijan should fulfill its obligation to cut oil production by 164,000 barrels in May-June by the end of July as well and keep crude production at 554,000 barrels per day.