OPEC revises up forecasts for Azerbaijan’s liquids production

Oil&Gas Materials 14 July 2020 17:23 (UTC +04:00)

BAKU, Azerbaijan, July 14

By Leman Zeynalova - Trend:

For 2020, in line with the decisions of the OPEC+, liquids production in Azerbaijan is forecast to decline by 0.07 mb/d to average 0.72 mb/d, Trend reports with reference to OPEC’s Monthly Oil Market Report (MOMR).

This is while in the previous MOMR OPEC expected this figure to stand at 0.70 million barrels per day.

For 2021, production is forecast to be flat at 0.72 mb/d.

“The final liquids output in Azerbaijan in May shows a month-on-month decline of 0.11 mb/d to average 0.70 mb/d, and a decrease of 0.20 mb/d in June, as per preliminary data,” said the cartel.

Crude oil production was adjusted down by 112 tb/d in May to average 0.57 mb/d, and decreased by another 0.02 mb/d in June to average 0.55 mb/d, according to OPEC.

The daily oil production in Azerbaijan amounted to 553,800 barrels in June 2020, according to the Ministry of Energy.

Some 434,700 barrels out of the abovementioned volume were produced from the Azeri-Chirag-Gunashli (ACG) block of fields, 119,100 barrels - from the fields being developed by the State Oil Company of Azerbaijan SOCAR, as well as joint ventures and companies operating onshore.

As part of the process of reducing oil production by 9.7 million barrels per day under the agreement adopted on April 12 at the 10th OPEC and non-OPEC Ministerial Meeting, Azerbaijan reduced the crude oil production by 164,200 barrels per day in May.

Thus, the country fulfilled its obligations to decrease the production volume by 164,000 barrels by more than 100 percent.